Six of the 10 Best Small Towns in America to Start a Business small business are in Utah, financial Wallethub website review and review found in an April 20 report.
Wallethub compared over 1,300 U.S. small cities to determine which one would best promote small business growth based on 20 different factors, including accessible financing, availability of human resources, level of training of the workforce. , office space costs, labor costs and more.
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Here are the cities that made WalletHub top 10 list of the “Best small towns to start a business” in 2021:
These cities rank high in all of Wallethub’s determining factors. Bozeman and Williston, for example, are top ranked in Wallethub’s analysis of the most startups per capita. Washington and St. George had the highest average growth in the number of small businesses in their respective regions.
Additionally, five of the 10 Worst Small Towns in America for Small Businesses are in New Jersey.
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Here are the worst cities to start a small business, falling to the bottom of Wallethub’s 1337 cities list, starting at the bottom:
The COVID-19 pandemic forced the permanent closure of around 100,000 small businesses in August, according to Yelp’s Local Economic Impact Report released in September 2020, although experts point to a significant recovery over the next few years.
The Small Business Administration approved $ 762 billion in payment protection program loans as of April 18.
On Thursday, the SBA also launched a new round of loan aid totaling $ 5 billion for small businesses “most severely affected by the economic effects of the COVID-19 pandemic” and reopened on Saturday. Grant application portal for operators of closed sites for various places of entertainment and art in need of economic aid.
“Many small businesses in our country are still struggling to recover from the economic impact of the COVID-19 pandemic, and we have found that the smallest businesses – the majority of which are owned by minorities – are suffering the most. SBA administrator Isabella Casillas Guzman said in a statement Friday.
She added that the SBA’s targeted Advance Supplementary Program “aims to reach businesses with 10 or fewer employees who need our help today” and will help ensure “that no small business falls through the cracks. or is left behind ”.