As the coronavirus grapples the country, many non-essential businesses are struggling to keep their doors open, according to WalletHub.
But, where in the U.S. are small businesses struggling the most?
WalletHub determined the states with the most affected small business due to coronavirus by comparing the 50 states and the District of Columbia across three key dimensions using 12 relevant metrics, including the share of small businesses operating in high-risk industries, small business credit conditions and the state’s small business friendliness.
New Jersey came in No. 43 on the list with a total score of 41.93, followed only by Minnesota (44), Illinois (45), Connecticut (46), Wisconsin (47), Ohio (48), Pennsylvania (49), Massachusetts (50) and the District of Columbia (51).
The state also ranked (1 = most affected, 25 = average):
- 50th: Impact and access to resources category;
- 30th: Share of small business operating in high-risk industries;
- 49th: Share of small business employees operating in high-risk industries among total small business employees;
- 51st: Share of consumer expenditures related to high-risk industries;
- 32nd: Business vitality;
- 28th: Average annual federal small business funding per GDP;
- 7th: Small business financial conditions category;
- 29th: Business environment and workforce support conditions category;
- 3rd: Worst small business credit conditions.
Here are the Top 10 states with the most affected small business due to COVID-19:
- South Dakota;
- South Carolina;
- North Carolina;
- North Dakota.
To see the full list and methodology, click here.