The opportunities available to small businesses obviously vary from state to state and require a local understanding to make the best judgments. NerdWallet recently announced the findings of a new analysis showing the best states for Small Business Administration (SBA) loans, as well as venture capital funding. In each state, the rankings present a list of loans per 100,000 people and the amount of growth seen between 2010 and 2013.
Among these, Ohio was noted for having an average of 45.78 SBA loans for every 100,000 people this year. This puts it above most of the states in the top 10 in this regard, including Colorado, California, Connecticut and New York, which occupy the second through fifth spots on the list.
Ohio also ranked highly for the amount of SBA loan growth between 2012 and 2015 at more than 60 percent. Not only is this higher than several other top 10 contenders, it’s significantly higher than the number one state overall, Utah, which only saw a .70 percent growth rate per 100,000 people during this same period.
Along with a possible increase in loan options, businesses should value the way their state connects business owners and local resources. Earlier this month, President Jodie Perry of the Mansfield/Richland County Chamber of Commerce told the Richland Source about the value of women running their own enterprise, for example. This came in the context of the inaugural Mid-Ohio Women’s Business Showcase, which also took place this month.
“Women are in business in all sectors of our economy. Not just the traditional sectors,” Perry said. “It tells me that the doors are opening more and more. More women are risking it all to run their dream enterprise.”
Contact Growth Capital today for more information on Ohio small business loans that are best for you.