A report by personal finance website WalletHub found that South Carolina ranks No. 5 in the country for small businesses most affected by COVID-19.
The report compared the 50 states and the District of Columbia across 12 metrics that measured impact and access to resources, small business financial conditions, and business environment and workforce support.
South Carolina’s total score of 59.63 included a ranking of fifth in small business financial conditions, which took into account factors such as annual average federal small business funding and credit conditions including average interest rate on Small Business Administration loans.
The Palmetto State had the overall lowest share of small businesses receiving SBA loans. It was 13th for share of small businesses operating in high-risk industries and had the eighth-highest share of consumer expenditures related to high-risk industries, according to the report. South Carolina ranked 17th in business vitality and 24th in total amount of small-business loans per small-business employee.
Hawaii ranked as the most affected state with a total score of 69.87.
A WalletHub survey conducted earlier this month found that 87% of small-business owners said their businesses were struggling because of the new coronavirus, with 35% saying their business could not last more than three months in current conditions.p