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New Jersey is a challenging place to do business, but when it comes to getting business loans approved, the state is the very best in the country.

According to Biz2Credit.com, an online lending marketplace for small business owners, New Jersey business loan requests were approved 23.4 percent of the time, a full 4 percentage points higher than No. 2 New York. The rankings are based on an analysis of 50,000+ loan applications on the company’s website over the past 12 months.

“New Jersey business owners have the unique combination of high average annual revenues and credit scores with a close proximity to two of America’s biggest cities,” said Biz2Credit CEO Rohit Arora, who oversaw the research.

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Top 10 States by Loan Approval Rates

1 |  New Jersey (23.4%)
2 | New York (19%)
3 | Illinois (15%)
4 | California (14.2%)
5 | Pennsylvania (12.9%)
6 | Florida (11.1%)
7 | Georgia (10.2%)
8 | Texas (10%)
9 | Ohio (8.8%)
10 | North Carolina (7.9%)