Coming in at number three, Washington also ranks on the list of Top 10 States for Small Business Lending for the fourth year in a row. Home of behemoths like Amazon, Microsoft, and Starbucks, Washington also has a sprawling startup culture that venture capitalists can’t seem to get enough of—the state ranks fourth in terms of nationwide VC investment, so it’s no surprise that Washington is also a great state for small business lending. This, in turn, makes the state a great place for small business jobs as well. Washington is the only state on Lendio’s top ten list where small businesses employ over 50% of the working population.
Consistently ranked highly for its business-friendly environment, the state is primed and ready to help small businesses succeed. A result of the states’ tech boom, development centers and startup labs are helping smaller companies grow. This, coupled with a talented workforce and manageable tax rates and regulations make Washington an attractive locale for small businesses and startups.
In terms of actual loan amounts, the Evergreen State got a little greener last year, with a 20% increase in loan dollars funded. That is an encouraging sign, but business owners need to be on the lookout as costs of real estate continue to rise, as do salary and benefits expectations.
All in all, it’s a green light for Washington small business growth. Additional resources for growing small businesses can be found here.