The economy of California is the largest in the United States, boasting a $3.018 trillion gross state product as of 2018. As a sovereign nation (2018), California would rank as the world’s fifth largest economy, ahead of India and behind Germany. Additionally, California’s Silicon Valley is home to some of the world’s most valuable technology companies, including Apple, Alphabet Inc., and Facebook. In total, over 10% of Fortune 1000 companies were based in California in 2018, the most of any state.
As both the most populous US state and one of the most climatologically diverse states, the economy of California is varied, with many sizable sectors. The most dominant of these sectors include finance, business services, government and manufacturing
California boasts the highest business survival rate of any state, with 3.5 times more businesses created than closed in 2013. This boom in new business shows the strong entrepreneurial spirit of California residents, as does its high density of startups (141 per 100,000 residents).
California has the second-largest pool of potential employees and one of the highest unemployment rates in the nation. Entrepreneurs might have an easier time of securing funds in the Golden State compared with other states, however, because the state has the fifth-highest rate of small business loans (80.6 per 1,000 small business employees).
Small to mid-size businesses in California are serviced by First Down Funding as a source of short term and long term capital. Apply now with First Down Funding for California business loans and experience fast processing/approval and outstanding customer service. Get Pre-approved in minutes for a small business loan in California.