- The agriculture and forestry industry receives the highest amount in approved business loans, per employee and per establishment,
- The mining, quarrying, and oil/gas extraction industry takes second place
- Accommodation and food services comes in third
New data reveals the US industries that have received the highest amount in small business loans from January to December 2021.
The analysis, conducted by business credit card experts Capital On Tap, uses the latest census data to reveal the industries that have received the highest amount of small business loans per employee and per establishment across the country.
The Industries Receiving The Highest Amount Of Business Loans
Agriculture And Forestry Industry
Topping the list is the agriculture and forestry industry, which boasts an impressive average of $419,287 in approved loans per establishment. Furthermore, with an average of $64,520 per employee, this industry stands out as the primary beneficiary of small business loans, providing a significant boost to the job market.
Mining, Quarrying, And Oil/Gas Extraction Industry
In second place, is the mining, quarrying, and oil/gas extraction industry. This sector has secured $96,212 in approved loans per establishment, totaling an impressive $2,208,058,831.
Accommodation And Food Services Industry
Claiming third position is the accommodation and food services industry, closely followed by the education sector in fourth place. Accommodation and food services establishments received an average approved loan amount of $51,242 per establishment, totaling an impressive $38,200,648,886. Meanwhile, the education sector obtained loans averaging $42,840 per establishment, with a total of $4,741,996,532 placing fourth.
Arts, Entertainment, And Recreation Industry
The arts, entertainment, and recreation industry rounds out the top five, securing $42,580 in approved loans per establishment. On average, this translates to $4,207 per employee in the industry.
The Significance Of Supporting Businesses
Commenting on these findings, Hugh Acland, Commercial Director at Capital On Tap, highlighted the significance of financial support for businesses, particularly small enterprises.
He stated, “Many smaller businesses rely on different forms of financial aid: It’s not unusual for companies to draw on a mixture of small business loans, corporate credit cards, and grants in order to get their company off the ground, meet cash flow needs, or expand their operations.”
“Depending on the industry, the degree of financing required can vary considerably. The agricultural sector, for instance, needs significant upfront investments in land, equipment, machinery, and technology.”
“In contrast, financial and insurance companies that drew on business loans required the lowest level of financing, as they are typically service-based consultancies with low capital requirements.”
About Capital on Tap
Globally, Capital on Tap provides an all-in-one small business credit card and spend management platform. Access funding for your business, manage cards for your employees, and earn best-in-class rewards – all built with small business owners in mind. In the US the Capital on Tap Business Credit Card is issued by WebBank.
