Georgetown and Horry counties are among the state’s best for small businesses, a newly issued study from technology firm SmartAsset found.
They are ranked third and fifth respectively in categories including income, tax rates and returns based on federal and state tax filings.
“A business friendly climate doesn’t just happen. It’s a result of effective planning, priorities and collaboration,” said Horry Council member Tyler Servant, who’s also chief operating officer at Surfside Realty. “While South Carolina’s headlines are full of stories about dysfunctional county governments, I’m proud to be a part of one that is delivering for the taxpayers.”
Georgetown County small businesses reported incomes of 11 percent last year, while Horry County’s hovered just below 10 percent, SmartAsset reported. Both are well above the state’s average of 8.4%.
Income taxes in both counties for small businesses averaged $9,294, outpacing the statewide average of $10,116.
Small businesses, defined by those with 500 or fewer workers, are massive economic drivers statewide, accounting for 99.4 percent of them in 2022, the US Small Business Administration reported, employing 837,615 people.
Horry County officials have spent several years looking for ways to make it easier for small businesses to succeed by cutting down on costs and red tape, exploring grant programs to help with start-up costs and a public information campaign for would-be investors to learn the ins and outs of zoning laws, licensing and other rules.