Lake County ranked as one of the top places in Indiana for small businesses, a new study has found.
SmartAsset, a New York-based financial technology company, ranked Lake County as the second-best of Indiana's 92 counties for small business owners this year. It placed 640th nationwide in the study.
"Small businesses are a crucial part of the U.S. economy — more than 99% of the businesses in the country are small businesses — and their impact to local economies is just as important," Smart Asset said in its report.
The study uses Internal Revenue Service data to determine how many small businesses operate in each county, what income they generated and how much they expect to pay in taxes.
Lake County came in second behind only Dearborn County. The study found about 12.75% of Lake County residents reported some small business income this year, whether a full-time job running a business or part-time gig to bring in extra income on the side. Small businesses in Lake County paid an average of $9,377 a year in federal, state and local taxes this year.
SmartAsset found Lake County ranked first statewide in taxes and fourth out of Indiana's 92 counties in small business income.
Allen, Hancock, Sullivan, Elkhart, Brown, St. Joseph, Jefferson and Fountain counties rounded out the top 10 in the Hoosier State.
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