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Ohio is a Top 10 state to start a small business, new study says. Here’s why

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Ohio is a Top 10 state to start a small business, new study says. Here’s why

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Ohio has been named among the Top 10 states in the nation to start a small business in 2024, according to a recent study.

In its research, Lendio, which specializes in small business loans, looked at 10 metrics that are critical to the success of small business owners in 2024. Those included small business lending, cost of living, real estate data, educated worker migration, corporate tax rates and state-level incentives for business owners, among others.

Here’s what the study says about Ohio.

Ohio is the 6th best state in the US to start a small business, per study

Lendio’s study puts the Buckeye State at No. 6 in the country as a location to start a small business, down from No. 3 in 2023. Ohio ranks behind South Carolina but ahead of Georgia.

Ohio is a low-tax state, Lendio says, even with its gross receipt tax rate. The state has no corporate income tax rate. It is among the top states that have small business loans approved per 100,000 residents, and has low housing costs and good local incentive programs for businesses.

Lendio calls Ohio “a good place for small businesses to settle.”

The Top 10 states to start a small business

The Top 10 states to start a small business, per Lendio, are:

  1. Florida (previously No. 2)
  2. Texas (previously No. 1)
  3. North Carolina (previously No. 5)
  4. Colorado (previously No. 6)
  5. South Carolina (previously No. 8)
  6. Ohio (previously No. 5)
  7. Georgia (previously No. 9)
  8. Massachusetts (previously No. 4)
  9. Utah (previously No. 10)
  10. Oklahoma (previously No. 7)

Study methodology

For this study, Lendio used data from various federal government and nonprofit sources. These include:

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