Florida ranks top in nation for starting a small business

The results of a report from Lendio, a company that helps small businesses connect with loan vendors, are in, and Florida is basking in the glory of being ranked the No. 1 state for small businesses.

According to the report, “Florida is the best state to start a business due to a low corporate tax rate (5.5%) and the mass migration of consumers and companies to the state. The Sunshine State sees more than half of its startup businesses survive for at least five years. It’s also a top recipient of SBA loan dollars (12th compared to other states) and ranked 2nd for the number of loan offers facilitated through Lendio’s marketplace.”

In 2023 Florida ranked No. 2 behind Texas. Now Texas is No. 2 with North Carolina following up in third place. 

Data for the report was pulled from government and nonprofit sources such as venture capital disbursed per $1 million of GDP 2022; the National Science Foundation; educated worker mobility from the Census Bureau; and small business incentives from Council for Community and Economic Research — to name a few.

Lendio was founded in 2006 by CEO Brock Blake and CPO Trent Miskin. The company was originally named FoundingUtah, transitioned into Funding Universe and eventually became Lendio in 2011. It has helped facilitate over $15 billion in loans to small businesses.