Iowa small businesses have the second highest credit scores in the nation according to Nav’s 2017 State Business Credit Snapshot. With a score of 49.2, Iowans are second only to Vermont, which rated a score of 51.7.
Nav’s survey ranked the average business credit score from over 15,500 small businesses nationwide by state on a range from 0 to 100. A ranking from 76-100 is classified as low risk, 51-75 as medium-low risk, 26-50 as medium risk, 11-25 as medium-high risk, and 1-10 as high risk.
With the second highest score, Iowa businesses are, on the whole, able to secure loans easier. That will come in handy in the next few months, as businesses are slowly but surely taking advantage of the strong economy. NFIB’s April Small Business Optimism Index found that 24 percent of owners consider now a good time to expand, and 33 percent have job openings. In order for that optimism to continue, small business owners are looking for relief from Washington.
“Congress and the White House must understand that small business owners are paying close attention, and they are making decisions that affect the economy based on how Washington performs,” said NFIB president and CEO Juanita Duggan.