The Best States for Small Business Lending: #2 Utah

Utah continues to stand out in terms of its business and economic growth, claiming a high ranking in the Top 10 States for Small Business Lending for the fourth year in a row. While the consistent ranking is impressive, even more impressive is the growth in the state. Since 2016, when Lendio began compiling this list, the state has added over 17,000 new small businesses, employing nearly 40,000 additional employees.

Utah regularly receives high marks on various national studies and rankings for things like quality of life, infrastructure, economy, and quality of workforce making it a desirable place for people to live and work. Additionally, the state is home to the booming Silicon Slopes, where tech companies like Ancestry, Qualtrics, Vivint, Domo, Adobe, and others continue to expand an innovate. This growth has kindled a startup culture that only strengthens Utah’s reputation as one of the best places to do business.

On a community level, many of Utah’s cities rank highly for small business friendliness. According to a recent study by WalletHub five of the top 30 small cities to start a business in are in Utah: St. George, Clearfield, Cedar City, Springville, and Ogden.

Along with the unprecedented growth in the Beehive State come challenges like a rising cost of living, and strained infrastructure along the Wasatch Front. Fortunately, local leaders are working to address those problems. Investment in housing, public transit, and freeway expansions are all in the works which should support Utah’s continuous growth.

Advice from a Utah business owner:

“Be prepared to show up early and stay late every day, and be prepared to work through the hard days. Don’t underestimate the importance of a strong support network. It is important to have close allies providing support and encouragement along the way, especially in the early days.”

Dave Bonnemort – Director, Anago of Utah

Lendio has a franchise location in Utah, making it even easier for local businesses owners to find the funding they need. Additional resources for growing small businesses can be found here.