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Home Blog The Best States for Small Business Lending: #5 Texas, #6 Florida
Since 1963, the U.S. Small Business Administration has been celebrating the contributions of America’s small business owners through National Small Business Week. The lifeblood of our economy, small businesses drive job creation, innovation and industry here in America. At Lendio we applaud these entrepreneurs this week and support them every day through our marketplace for small business loans.
Earlier this week, Lendio announced the top ten states for small business funding, based on several key indicators including approval rates and loan sizes. Based on a sampling of thousands of Lendio’s small business customers from April 2016 to March 2017, Texas and Florida rank number 5 and number 6 respectively when it comes to the best states for small business lending. Here’s how small businesses are shaping the economy in the Lone Star and Sunshine States.
Texas
As the saying goes, everything’s bigger in Texas. While some corporate giants (think Exxon Mobil, Dell and AT&T) call the Lone Star State home, small business is still a big driver of the local economy. Texas offers affordable cost of living, fewer regulations for business owners to navigate and no corporate or individual state income tax, perks that draw many entrepreneurs to the state and contribute to the state’s impressive gross domestic product (GDP) growth. Texas boasts a $1.6 trillion GDP, second only to California.
The state’s small business owners report their biggest challenges are finding enough skilled labor to keep up with growth, and accessing capital to invest more into their growing businesses. Lendio is making it easier for Texas’s small businesses to gain access to the funding they need through a Lendio franchise located in Plano. Recently launched, Lendio’s franchise model is aimed at reaching out to millions of small business owners across the country on a localized basis to offer face-to-face loan advice and access to the Lendio marketplace for small business loans.
Texas’s Small Business Statistics
Top 5 Industries for Small Businesses (number of firms with 1–19 employees):
Florida
Sunshine, sandy beaches and tourism abound in Florida, making it a prime location for entrepreneurs in the recreation, hospitality and retail sectors. In 2016, Florida had its sixth consecutive record year in tourism, attracting nearly 113 million visitors, generating an estimated $109 billion in economic activity and providing 1.4 million jobs. Small business owners report recruiting skilled labor and retaining customers as their biggest challenges in the tourism industry, while favorable taxes (including no personal income tax and tax credits for community-based organizations) contribute to the state’s strong business climate. Florida has the fourth-largest GDP in the U.S.
Home to two of the nine active spaceports in the U.S., Cape Canaveral Spaceport and the Cecil Field Spaceport, Florida’s aerospace and aviation-related activities account for an impressive $144 billion in revenue annually. While tourism and aerospace are huge drivers of the Sunshine State’s economy, agriculture is not far behind. From oranges and tomatoes to dairy products and sugarcane, Florida’s agriculture commodities contribute more than $104 billion to the state’s economy each year, and the industry employs 2 million people. Seventy percent of the annual U.S. production of citrus and 40 percent of the world’s orange juice supply come from Florida.
Florida’s Small Business Statistics
As a reporter and editor, Melanie has written about everything from retail and tourism trends to economic development for regional newspapers, trade publications, and national magazines. As Lendio’s Director of Public Relations, she specializes in reporting fintech industry news and its impact on American small businesses. Melanie has a B.A. in Journalism from Brigham Young University. She is also a backpacker, runner, and mom of four.
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