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These Are The Best States To Get a Small Business Loan, According to New Report From National Business Capital

**Introduction**

In a surprising turn of events, smaller states are now outperforming financial powerhouses like California, New York, and Florida in small business lending. NationalBusinessCapital.com, a fintech lending platform, has conducted a study on the “Best States to Get a Small Business Loan in 2023”. This inaugural report sheds light on the states that make it easier for small businesses to obtain loans, with Utah taking the top spot.

**The Rise of Smaller States**

Utah, known for its thriving fintech industry, has emerged as the best state for small business loans. Minnesota and Wisconsin closely follow, being recognized for their highly effective support systems for local businesses. This highlights the fact that size isn’t everything when it comes to providing financial support to small businesses.

**Unique Strategies and Support Systems**

The top 10 list includes a combination of states, both big and small, each with its own unique political climate and creative strategies to assist entrepreneurs. Some states focus on offering quick working capital, while others specialize in helping businesses purchase property. Additionally, certain states strongly support new or underserved businesses through microloans. Despite their different approaches, these top 10 states collectively contribute to the support and growth of small businesses across the United States.

**Key Findings**

1. Size Isn’t Everything: The success of Utah’s fintech industry and the efficient lending systems of Minnesota and Wisconsin surpass what big states like New York and California have to offer.
2. California’s Remarkable Share: Despite fewer loans, California small businesses managed to secure a remarkable 24.3% of SBA 504 dollars for real estate and equipment.
3. Southern States Lag: The South generally lags behind in small business lending, with the exception of Florida, which performed well. Georgia and Texas were also noteworthy in this region.
4. Politics Don’t Predict: Political alignment surprisingly did not strongly correlate with rankings. Despite certain advantages for blue states, Utah, a strongly Republican state, led the pack alongside top performers Florida and Idaho. This suggests that small business financing transcends political affiliations.

**The Top 10 and Bottom 10 States for Small Business Loans**

The top 10 states for small business loans are as follows:

1. Utah
2. Minnesota
3. Wisconsin
4. (tie) California
4. (tie) Colorado
6. New York
7. Massachusetts
8. New Jersey
9. Florida
10. Idaho

In contrast, here are the bottom 10 states for small business loans:

41. Tennessee
42. Alaska
43. Delaware
44. Louisiana
45. New Mexico
46. Mississippi
47. Kentucky
48. Arkansas
49. Hawaii
50. West Virginia

**How AI legalese decoder Can Help**

In this challenging economy, securing capital from banks has become increasingly difficult for small and medium-sized businesses (SMBs). However, non-bank lenders are still providing funding options. This is where AI legalese decoder can be of assistance. This innovative technology helps entrepreneurs navigate the complex legal terminology often found in loan agreements, making the process faster and more transparent. By using AI legalese decoder, SMBs can understand the terms and conditions of loans more effectively, ensuring they make informed decisions and secure the financing they need for sustainable growth.

**Conclusion**

This report from NationalBusinessCapital.com highlights the importance of small businesses across the United States and showcases the best states for obtaining small business loans. With Utah leading the pack, smaller states are proving their ability to support local entrepreneurs. The study also reveals that political alignment does not necessarily determine a state’s performance in providing financial assistance to small businesses. Despite the challenges faced by SMBs in the current economy, non-bank lenders like NationalBusinessCapital.com continue to offer funding options, supporting the growth and success of small businesses nationwide.

**About NationalBusinessCapital.com:**

NationalBusinessCapital.com is a platform that helps entrepreneurs secure quick and fair financing, enabling them to save time and cultivate sustainable growth. Their user-friendly online platform streamlines the application process, allowing business owners to go from application to approval in a matter of hours. From SBA loans to lines of credit and equipment financing, NationalBusinessCapital.com offers access to a wide range of financing programs, providing business owners with comprehensive options. Since 2007, they have assisted clients in securing $2 billion in financing.

**Source:**

NationalBusinessCapital.com (link to the full study)

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