Online lending marketplace Lending Tree has been analyzing the number of new business applications in each state to locate areas with high numbers of small business growth.
Louisiana has seen the highest rate of new business applications compared to any other state. In July 2020, the rate of new business applications in Louisiana grew 239.4 percent in comparison to July 2019.
Nationally, new business applications rose 84.3 percent. Lending Tree attributes this growth to the coronavirus pandemic.
“One potential reason is that numerous states have now reopened certain businesses,” but not others, shared Lending Tree. “Another potential explanation is that some workers are trying to make ends meet as entrepreneurs with available jobs limited and persistently high unemployment.”
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