How Shopping on Small Business Saturday Helps The Local Economy
November 18, 2021
First established to encourage consumers to shop locally during the holiday season, Small Business Saturday has become an annual event taking place on the Saturday after Thanksgiving. Here are some ways you can support small businesses during the holiday season.
Small Business Saturday takes place between Black Friday and Cyber Monday – November 27 this year – when consumers are typically holiday shopping online or in person. Taking part in Small Business Saturday is especially important this year as communities continue to rebound from the impact of the COVID-19 pandemic. Small, locally owned businesses may include retail stores and restaurants, service-based businesses, and smaller online ventures.
When you shop local, you help the local economy. According to the U.S. Small Business Administration (SBA), more than half of Americans either work for or own a small business. They account for two of every three new jobs reported.
For every $100 spent at a local business, about $68 stays within the local economy, according to a 2008 study by Civic Economics. Small business owners live and work in their communities, hire locally, pay local taxes, and produce unique products and services. All of this contributes to a more robust, vibrant community where people are proud to live, work, and visit.
According to the SBA, 77% of consumers participated in Small Business Saturday in 2019 and 66% of consumers said their support of small businesses is based on the contributions those merchants make to the community.
MSUFCU supports local small businesses through its Local Loyalty Program. With this program, the Credit Union partners with local, often smaller businesses to offer discounts to members who use their MSUFCU Visa Debit or Credit Cards for purchases.
Currently, MSUFCU has more than 100 Local Loyalty partners. You can find a complete list of Local Loyalty partners by visiting msufcu.org/localloyalty.
Tags: Community, Money Management, Security