NEW YORK, Jan. 15, 2019 /PRNewswire/ -- Small businesses in California, Texas, New York, Florida and Ohio will be hurt the most by the longest government shutdown in U.S. history, according to a ValuePenguin.com study.
The government shutdown, currently in its 25th day, has put a hold on all Small Business Administration (SBA) activities, including the processing of SBA 7(a) loans, a key source of funding for thousands of small businesses across the country. With zero SBA loans being processed at the moment, the backlog of companies waiting for SBA funding is growing - and could take months to clear in the aftermath of the shutdown - hurting small businesses for far longer than anticipated.
To measure and rank states whose small businesses would be most affected by the current shutdown, ValuePenguin analysts looked at the number of SBA 7(a) loans issued, the cumulative sum of the loans issued and the total number of jobs supported by 7(a) loans since 2010.
Key findings
To view the full report, visit: https://www.valuepenguin.com/states-these-states-are-most-likely-be-hurt-government-shutdown.
How Will the Shutdown Hurt Small Businesses in Your State? | ||||
State | Overall | Approved Loans | Number of Loans Issued Rank | Jobs Supported Rank |
California | 1 | 1 | 1 | 1 |
Texas | 2 | 2 | 2 | 2 |
New York | 3 | 5 | 3 | 3 |
Florida | 4 | 3 | 5 | 4 |
Ohio | 5 | 7 | 4 | 5 |
Michigan | 6 | 9 | 6 | 6 |
Illinois | 6 | 6 | 8 | 7 |
Georgia | 8 | 4 | 12 | 9 |
Pennsylvania | 9 | 11 | 9 | 10 |
Minnesota | 10 | 16 | 10 | 8 |
Wisconsin | 11 | 13 | 11 | 11 |
Washington | 12 | 8 | 14 | 14 |
New Jersey | 13 | 10 | 13 | 16 |
Massachusetts | 14 | 21 | 7 | 12 |
Colorado | 15 | 12 | 15 | 15 |
Arizona | 16 | 15 | 18 | 13 |
Indiana | 17 | 17 | 16 | 18 |
Utah | 18 | 19 | 17 | 17 |
North Carolina | 18 | 14 | 19 | 20 |
Missouri | 20 | 18 | 20 | 19 |
Virginia | 21 | 20 | 21 | 21 |
Oregon | 22 | 22 | 22 | 23 |
Maryland | 23 | 23 | 23 | 22 |
Connecticut | 24 | 27 | 24 | 25 |
Tennessee | 25 | 24 | 29 | 26 |
Oklahoma | 26 | 26 | 30 | 24 |
Iowa | 27 | 33 | 31 | 27 |
Kansas | 27 | 31 | 32 | 28 |
Kentucky | 27 | 35 | 27 | 29 |
Louisiana | 30 | 29 | 33 | 30 |
Idaho | 31 | 36 | 25 | 33 |
Mississippi | 32 | 30 | 28 | 37 |
South Carolina | 33 | 25 | 36 | 35 |
Alabama | 34 | 28 | 35 | 34 |
Nevada | 35 | 32 | 34 | 32 |
New Hampshire | 36 | 40 | 26 | 36 |
Nebraska | 37 | 37 | 37 | 31 |
Rhode Island | 38 | 41 | 38 | 38 |
Arkansas | 38 | 34 | 42 | 41 |
New Mexico | 40 | 38 | 43 | 39 |
Maine | 41 | 42 | 39 | 40 |
Montana | 42 | 39 | 41 | 42 |
Hawaii | 43 | 50 | 40 | 43 |
North Dakota | 44 | 45 | 45 | 45 |
Vermont | 45 | 48 | 44 | 44 |
Alaska | 46 | 43 | 49 | 46 |
Delaware | 47 | 44 | 47 | 48 |
West Virginia | 48 | 47 | 46 | 47 |
South Dakota | 49 | 46 | 48 | 49 |
Wyoming | 50 | 49 | 50 | 50 |
About ValuePenguin.com: ValuePenguin.com, now part of LendingTree, is a personal finance website that conducts in-depth research & provides objective analysis to help guide consumers to the best financial decisions. ValuePenguin focuses on value, assessing whether the return of a particular decision is worth the cost or risk of that option, and how this stacks up with the other possible choices they may have. For more information, please visit www.valuepenguin.com
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Media Contacts:
Divya Sangam
646 693 8445
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SOURCE ValuePenguin
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