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Small Businesses in California, Texas, New York, Florida and Ohio Will Be Hurt the Most by Government Shutdown


News provided by

ValuePenguin

Jan 15, 2019, 11:30 ET

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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

  • Small businesses in California, Texas, New York, Florida, Ohio, Michigan, Illinois, Georgia, Pennsylvania and Minnesota will be hurt the most by the shutdown. Historically, these states have the largest number of SBA  7(a) loans approved, and cumulatively the largest sum of loans issued.
  • Additionally, potential job losses will also be the highest in California, Texas, New York, Florida, Ohio, Michigan, Illinois, Georgia, Pennsylvania and Minnesota because of the huge volume of residents employed by SBA funding dependent small businesses in these states.
  • Small businesses in Wyoming, South Dakota, West Virginia, Delaware, Alaska, Vermont, North Dakota, Hawaii, Montana and Maine are least affected by the shutdown, due to the very small number of small businesses here who rely on SBA loans.
  • Since 2010 the Small Business Administration has issued over $177 billion in funding, by approving 472,000 7(a) loans. These loans have led to the creation of over five million jobs across the country.

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
Rank

Approved Loans
Rank

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

About LendingTree
LendingTree (NASDAQ: TREE) is the nation's leading online marketplace that connects consumers with the choices they need to be confident in their financial decisions. LendingTree empowers consumers to shop for financial services the same way they would shop for airline tickets or hotel stays, comparing multiple offers from a nationwide network of over 500 partners in one simple search, and can choose the option that best fits their financial needs. Services include mortgage loans, mortgage refinances, auto loans, personal loans, business loans, student refinances, credit cards and more. Through the My LendingTree platform, consumers receive free credit scores, credit monitoring and recommendations to improve credit health. My LendingTree proactively compares consumers' credit accounts against offers on our network, and notifies consumers when there is an opportunity to save money. In short, LendingTree's purpose is to help simplify financial decisions for life's meaningful moments through choice, education and support. LendingTree, LLC is a subsidiary of LendingTree, Inc. For more information, go to www.lendingtree.com, dial 800-555-TREE, like our Facebook page and/or follow us on Twitter @LendingTree.

Media Contacts:
Divya Sangam
646 693 8445
[email protected]

SOURCE ValuePenguin

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