Despite a booming economy in Utah and low unemployment rates, when it comes to starting a small business, Salt Lake City is far behind a lot of other metropolitan areas, according to a new study from financial website, WalletHub.
In their newest ranking of the best cities to start a business, Salt Lake City was ranked 70th out of 150 cities. No. 1 was Jacksonville, Fla., while Newark, N.J. was last.
The rankings were based on 14 metrics, including access to financing, cost of office space, corporate taxes, employee availability, entrepreneurial activity, and five-year survivability rate.
While Salt Lake City is just average on starting a business, it is perhaps easiest to get a small business loan. According to WalletHub's statistics, the city was ranked first in small business loan lending.