STATEN ISLAND, N.Y. — Some 10 million small businesses opened their doors in 2021 and 2022, the government has reported, which is a staggering stat that points to the fact that American workers are looking to reinvent. But what is the best environment for budding entrepreneurs, and which states have the most economic success?

According to a new study, New York is among the worst states to launch a new business.

Exploring a mix of small business lending opportunities, cost of living stats and corporate tax rates, Lendio, a free online loan marketplace targeting small business owners, found that New York has some sad state-level incentives for business owners, ranking the state as the eighth worst place to launch a new business initiative.

According to the data, businesses in the Empire State only have a 49% five-year survival rate, which is probably courtesy of a 7.25% corporate income tax rate.

Texas, Florida and Ohio were at the top of the list, due to low taxes, mass migration of educated workers, sufficient business funding and the fact that more than half of all startups had survived at least five years in each state, which was above average.

Hawaii, Maine and New Hampshire took the bottom three slots, due to low business funding and venture capital availability, limited local incentive programs, high tax rates and high cost of living.

“The state where your business operates has a direct impact on your ability to effectively run your company,” the study noted. “As an entrepreneur, you get to decide which of these factors matters most to you.”

And while each state presents opportunities and challenges, Lendio said that individual business owners need to navigate those factors successfully in order to run a competitive, impactful business.

Here’s a look at the top five states for small businesses, along with their five-year survival and corporate income tax rates:

1. Texas, 50.9% chance of survival, 0% corporate income tax rates

2. Florida, 50.10% chance of survival, 5.5% corporate income tax rates

3. Ohio, 53.10% chance of survival, 0% corporate income tax rates

4. Massachusetts, 55% chance of survival, 8% corporate income tax rates

5. North Carolina, 53.9% chance of survival, 2.5% corporate income tax rates

ADDITIONAL BUSINESS NEWS

Hobby Lobby coming to Staten Island: Construction on new store has begun

‘Get these deals before they’re gone’: Staples to close one of its Staten Island stores

Is my money safe? FDIC answers questions about what happens when a bank fails.

After regulators close Signature bank, dozens line up at Staten Island branch to collect their money

Want to shop at Costco but don’t have a membership? Here’s a hack that can help.