WASHINGTON — Credit unions wondering where the majority of small businesses are, which are defined as those with less than 500 employees, can look to California, New York and Florida.
According to the Small Business Administration Office of Advocacy's just-released Small Business Profiles for the States and Territories report, at 99.2%, California ranked first in the nation with the biggest share of small businesses. New York came in a close second at 99.1% followed by Florida at 99%.
Rounding out the list were Texas (98.7%), New Jersey (98.5%), Michigan (98.4%), Pennsylvania (98.4%) Illinois (98.4%), Washington (98.2%) and Ohio (98.2%).
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When it comes to those states that have the biggest share of small business employment, Montana ranked first at 69.8%. Wyoming, Vermont, North Dakota, South Dakota, Maine, Idaho, Oregon, Rhode Island and New Mexico also made the top ten ranking.
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