Press Release: New Study Reveals Best States for Starting a Business

Check out the latest news from the Seek Capital team.

LOS ANGELES, CA November 2019 — A new study from Seek Capital reveals the Best States to Start a Business, ranking all 50 states based on a detailed research methodology that considered 21 factors. 

The best states for business generally have a combo of increasing working-age population, booming economies, high levels of startup activity and a favorable business tax climate,” said Andrew DePietro, writer and lead researcher at Seek Capital, who conducted the study. “The best states didn’t need to hit all these areas — for instance, California’s business tax climate is rough — but they were better-than-average across a majority of factors. The worst states tended to suffer from declining populations, middling GDP growth, muted startup activity and unfavorable taxes.

According to the study, the 10 best states for starting a business are:

  1.  Utah
  2. Florida
  3. Texas
  4. Colorado
  5. California
  6. North Carolina
  7. Idaho
  8. Oklahoma
  9. Georgia
  10. Wyoming

On the other end of the spectrum, the 10 worst states for starting a business are: 

  1. Rhode Island
  2. Connecticut
  3. New Jersey
  4. Maine
  5. Alabama
  6. Maryland
  7. New Hampshire
  8. Arkansas
  9. Louisiana
  10. Pennsylvania

Seek Capital analyzed 21 factors in the study including: five-year growth of working-age population, labor force participation rate, unemployment rate, business tax rates, venture capital deal flow, cost of living, labor costs per hour, one-year and five-year survival rates and more. The study utilized data from sources such as the Bureau of Labor Statistics, the Kauffman Indicators of Entrepreneurship, the Tax Foundation and more. 

The complete study, including methodology details, can be found here:

About Seek Capital

Seek Capital is the leader in startup business funding and small business loans. Launched in 2015, Seek Capital has helped solve the challenge of early-stage business owners obtaining capital to launch or grow their small business.

The company has grown by combining the Seek Capital proprietary lender matching platform, Capital Seeker®, with its dedication to providing a hands-on, consultative approach to each client. By utilizing Capital Seeker®, the company is able to provide real-time underwriting decisions allowing business owners to instantly know their funding options.

To date, the company has matched over 20,000 successful applications across the United States. Seek Capital has an A rating with the Better Business Bureau, is a consistent Top 3 rated or Winner of LendingTree’s Lender Award and was Ranked #44 by Glassdoor Best Place to Work 2017. For more information, visit

Contact Information


Business Loan Resources

Photo credit: Dean Drobot/

Leave a Reply

Your email address will not be published. Required fields are marked *

Best Startup Loans of 2020 - Get Between $5,000 and $500,000

How much money does your business need?
Did you learn something from this article?

Get more great articles straight to your inbox!

Let us make it up to you with better articles straight to your inbox.

subscribe for more great funding ideas,
guides & how to's

We respect your privacy. privacy policy

Recommended For You

Seek Capital Ranks No. 1736 on the 2020 Inc. 5000 With Three-Year Revenue Growth of 246.6 Percent

NEW YORK, August 12, 2020 – Inc. magazine today revealed that Seek Capital is No. 1736 on its annual Inc. 5000 list, the most prestigious ranking of the nation’s fastest-growing private companies. The list represents a unique look at the... Read More

Press Release: Seek Business Capital Ranks No. 171 on the Inaugural 2020 Inc. 5000 Series: California

NEW YORK, February 19, 2020 – Inc. magazine today revealed that Seek Business Capital is No. 171 on its inaugural Inc. 5000 Series: California list, the most prestigious ranking of the fastest-growing California-based private companies. Born of the annual Inc.... Read More

Press Release: Seek Capital Recognized as Best Fintech to Work For by American Banker

LOS ANGELES, CA February 2020 — Each year for the last three years, American Banker has recognized the Best Fintechs to Work For, a list which includes a broad range of employers such as small business lenders, wealth management software developers, mortgage... Read More

Press Release: Seek Capital Launches Business Line of Credit Platform

LOS ANGELES, CA February 2020 — Seek Business Capital, a consulting firm that provides advisory services and funding procurement to small business owners across the U.S., has launched a new business line of credit platform. In recent months Seek Capital... Read More

subscribe for more great funding ideas,
guides & how to's

We respect your privacy. privacy policy