Maryland ranks near the bottom among states whose small businesses are most affected by the coronavirus, according to a study released on Monday.
The WalletHub study found that Maryland ranked 40th among 51 jurisdictions in terms of small businesses most affected due to the virus. Hawaii ranked first and the District of Columbia ranked last. Maryland ranked 48th among states with the highest average annual federal small-business funding per GDP. Mississippi had the lowest annual federal small-business funding per GDP.
The study based its findings on three criteria: “Impact & Access to Resources,” “Small-Business Financial Conditions” and “Business Environment & Workforce Support.” The three criteria are evaluated across 12 metrics. Each metric is weighted on a scale of 0-100. WalletHub used data from U.S. government agencies such as the Census Bureau, the Small Business Administration, the Department of Labor’s Bureau of Labor Statistics and the National Science Foundation.
Former Rep. Albert Wynn, a Democrat, who served in Congress from 1993-08, told MarylandReporter.com he is not surprised by study’s findings.
“It’s kind of what I expected,” Wynn said in a phone interview.
Wynn said the diversity of Maryland’s small businesses and the fact that many are connected to the federal government gives the state an advantage over other jurisdictions in the country.
Click here to read the rest of the article written by Bryan Renbaum over at the MD Reporter