In a recent report by Global Trade Magazine, California has again placed in the Top-10 states in the country for manufacturing. Nearly 8% of the people who work in the Golden State do so in manufacturing, making the state a hotbed for small businesses that produce tangible products.
The states total manufacturing output was more than $300 billion in 2017, and 2018 saw nearly $155 billion in exported manufactured goods. With over 25,000 manufacturing firms (of which 93 percent are considered small to medium-sized businesses), California boasts a skilled workforce that is in it for the long haul, with many workers considering manufacturing a career, not just another job. California manufacturing jobs pay an average of over $100,000 in salary and benefits, compared to the U.S. average of $54,329.
That’s good news for California and for California-based small businesses! To learn more about how BFC Funding and how the SBA 504 Loan Program can help manufacturing companies purchase real estate, make capital improvements and/or purchase new machinery, contact us today at 1-800-SBA-REAL.