As we come to the end of National Small Business Week, we give a big round of applause to small business, the backbone of America. At Lendio, we champion small businesses every day through our marketplace that matches small business owners with 75 different lenders to provide access to the capital they need.
All week we’ve been highlighting key statistics from the top 10 states for small business funding, based on data from the Lendio platform. Pennsylvania and Georgia rank number 9 and number 10 respectively in small business lending. Here’s how entrepreneurs are making their mark on the Keystone and Peach States.
Pennsylvania’s growing labor force, rising employment rate, affordable cost of living and manageable taxes make it an attractive location for entrepreneurs. According the the U.S. Bureau of Labor Statistics, the state has added about 4 million jobs in the last six years. Pennsylvania’s proximity to larger markets such as Boston, New York and Washington, D.C., makes it a prime location for attracting top talent, particularly in the tech sector.
Energy processing is booming in the Keystone State and has increased demands for machine tool operators and welders. Industrial machinery and equipment manufacturers are making significant contributions to the local economy. Agriculture is still a revenue-generator for the state, with milk, eggs, mushrooms and Christmas trees among its most valuable commodities.
Small businesses in the Great Lakes region of Pennsylvania now have in-person access to Lendio’s marketplace for small business loans. Recently launched in Erie, Pennsylvania, by business partners Kyle Bohrer and Bryan Gealy, the Lendio franchise offers face-to-face loan consulting from area experts who understand the region’s challenges and opportunities.
Top 5 Industries for Small Business (number of firms with 1–19 employees):
Known for its southern hospitality, plantations and peaches, Georgia also boasts the country’s 9th highest gross state product. A steady labor market as well as strong local support for small businesses in communities where people have lived for generations means entrepreneurs love doing business in Georgia. The state’s largest market, Atlanta is known for its diverse population, and in recent years, a large number of affluent tech-sector employees have moved into the city, helping to spread wealth to other sectors in the area.
The top industry in Georgia, agriculture accounts for $72 billion in revenue annually for the state. Georgia is the number one pecan producer in the world, and also a leader in peanuts, peaches, poultry and blueberries. According to the Georgia Farm Bureau, one in seven Georgians work in agriculture, forestry or a related field. Home to many historic cities and sites, beaches and state parks, Georgia’s tourism industry supports more than 411,000 jobs statewide.
Top 5 Industries for Small Businesses (number of firms with 1–19 employees):