Georgia was ranked the ninth-best state in the country to start a small business by Lendio.
The lender highlighted the state’s in-bound migration, high number of small business loans approved and relatively affordable housing.
Texas, Florida and Ohio were ranked No. 1, 2 and 3, respectively, due to their low taxes, mass migration of educated workers, sufficient business funding and the fact that more than half of all startups had survived at least five years in each state, which was above average.
The bottom states, Hawaii, Maine and New Hampshire, were cited for their low business funding and venture capital availability, limited local incentive programs, high tax rates and high costs of living.
Lendio considered nine metrics in developing its ranking, including small business lending, the five-year startup survival rate, cost of living, real estate data, educated worker migration, corporate tax rates, state-level incentives for business owners, personal consumption expenditures and venture capital disbursed.
The top 10 states in the ranking are:
- Texas.
- Florida.
- Ohio.
- Massachusetts.
- North Carolina.
- Colorado.
- Oklahoma.
- South Carolina.
- Georgia.
- Utah.