CHARLOTTE, N.C. – Each month, online lending marketplace LendingTree analyzes the number of new business applications and the percentage of business applications by high-propensity businesses filed in each state to find areas where small businesses are growing, compared to the prior year. Nationally, the number of business applications rose 84.3% in July 2020, compared to July 2019.
For July 2020, new business applications in Louisiana grew 239.4% from July 2019, which is no small feat given the COVID-19 pandemic and makes Louisiana the No. 1 state for new business application growth.Â
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Additional findings:
- For the second straight month, business applications are up year over year in every state. Nationwide, the number of business applications rose 84.3% in July 2020, compared to July 2019.
- Five other Southern states — Mississippi, Georgia, Alabama, Tennessee and South Carolina — were all in the top 10, with each seeing year-over-year business application growth of greater than 110%.
- This growth in business applications is occurring as coronavirus cases remain high/tick back up in many parts of the country. One potential reason is that numerous states have now reopened certain businesses. States giving businesses the OK to reopen may have been the green light that entrepreneurs needed to start their own ventures.
