Iowa Secretary of State Paul Pate announced on Monday that Iowans almost broke the state record for most new businesses created in one month during January 2019. The Secretary of State’s Office processed 2,195 new business filings last month. That is just nine filings shy of the previous record of 2,204, set in March 2018.
Iowa is also on pace to once again shatter the annual record for new businesses created in a fiscal year. Nearly 14,000 new business filings were processed by Secretary Pate’s office during the first seven months of Fiscal Year 2019, which runs from July 2018-June 2019. The annual record was set in Fiscal Year 2018, with 23,649.
“This is another indication that our economy continues to grow and thrive,” Secretary Pate said. “Each of the past three years, entrepreneurs have launched more than 20,000 new businesses in Iowa. The majority of jobs are created by small businesses and since we also have the lowest unemployment rate in the nation, Iowa is clearly moving in the right direction.”
Secretary Pate launched a Fast Track Filing system for new businesses last year that significantly expedites the process. The average processing time during regular business hours is less than 10 minutes.
“My goal is to operate the office at the speed of business, not the speed of government,” Pate added. “Although we’re processing record amounts of filings, we are doing it much quicker than ever before. This is the type of service Iowa’s business community deserves.”