Before 2015, the record number of new business filings in one year in Iowa was 15,305 according to KCRG. From 2015-2016, 20,155 new businesses were filed with the Secretary of State’s office. And from 2016-2017, the record was broken again, with 21,240 new businesses filed.
“This shows the entrepreneurial spirit of Iowans continues to thrive and this good news for the state,” said Iowa’s secretary of state Paul Pate, according to KCRG. “Small business is the backbone of our economy. This data shows more entrepreneurs are taking chances with their capital and investing in startups across the state.”
Earlier this year, the Small Business & Entrepreneurship Council ranked Iowa as only the 42nd most friendly state for small businesses. Part of that ranking came from Iowa’s high corporate income and capital gains tax rates, the highest in the nation alongside Pennsylvania.
Despite that ranking, Iowans are continuing to look for entrepreneurial opportunities, and the secretary of state has pledged to keep working for small businesses.
“My goal is for the office to operate at the speed of business, not the speed of government,” said Pate according to KCRG. “We are advancing toward that goal and the record amount of filings we’re processing is a very positive indicator.”