A small-business-lending website says their research shows that South Carolina is the 8th best state for small businesses in 2023. The website, Lendio, says they analyzed the most recent data from the Bureau of Labor Statistics, Census Bureau, and Small Business Administration (2016-2023) to create the rankings.
The rankings were determined by analyzing myriad factors including tax rates, startup survival rates, cost of living, educated worker migration, loans, funding, consumer spending, and incentive programs. Their findings in South Carolina show 50% of small businesses survive five years, there are 77 incentive programs, corporate tax rates are 5%, companies received $6.5 million in loans per 100,000 residents, and 31,753 educated workers moved into the state. The 10 best states to start a small business in 2023: 1) Texas 2) Florida 3) Ohio 4) Massachusetts 5) North Carolina 6) Colorado 7) Oklahoma 8) South Carolina 9) Georgia 10) Utah Complete state-by-state and national breakdowns are available in the complete study on Lendio’s site.
