The proliferation of inverter-based generation and advanced sensing, controls, and communication infrastructure have facilitated the accelerated deployment of microgrids. A coordinated network of microgrids can maintain reliable power delivery to critical facilities during extreme events. Low inertia offered by the power electronics interfaced energy resources however, can present significant challenges to ensuring stable operation of the microgrids. In this work, distributed small-signal stability conditions for inverter-based microgrids are developed that involve the droop controller parameters and the network parameters such as line impedances, loads, etc. The distributed closed-form parametric stability conditions derived in this paper can be verified in a computationally efficient manner, facilitating the reliable design and operations of networks of microgrids. Dynamic phasor models have been used to capture the effects of electromagnetic transients. Numerical results are presented, along with PSCAD simulations, to validate the analytical stability conditions. Effects of design choices, such as the conductor types, and inverter sizes, on the small-signal stability of inverter-based microgrids are investigated to identify interpretable stable or unstable region estimates.