Florida is recognized as the second-best state in the country for starting a small business. It is noted that there is a large number of approved government loans for small businesses.
Texas, Florida, Ohio and Massachusetts took 1st, 2nd, 3rd and 4th places, due to low taxes, mass migration of educated workers, sufficient business financing and the fact that more than 50% of startups in them live to at least 5 years. In Florida, they give out a lot of loans to small businesses. So, in 2022, entrepreneurs received more than 2 billion loan funds from the US Small Business Administration.
States such as Hawaii, Maine and New Hampshire were noted as territories with little business financing and low availability of venture capital, limited local business incentive programs, high tax rates and high cost of living.
When compiling the rating, 9 parameters were taken into account. These are lending to small businesses, the five-year survival rate of startups, the cost of living, real estate data, migration of educated workers, corporate tax rates, incentives at the state level for business owners, personal consumption expenditures and venture capital payments.
TOP-10 countries in the ranking included Texas, Florida, Ohio, Massachusetts, North Carolina, Colorado, Oklahoma, South Carolina, Georgia and Utah.