This Saturday is Small Business Saturday, and we could not be more excited to celebrate. In 2014, an estimated $14.3 billion was spent at local businesses across the US.
Millions of Americans will venture out on Thanksgiving evening and the next day, hoping to get the best deals on their Black Friday purchases. If you wait just one day and shop on Small Business Saturday, or even commit to doing your Black Friday shopping at a local, independent business, your purchase will have a significantly higher impact in your local community.
The local multiplier effect is significant in communities when you make local purchases. On average, 48% of each purchase at a local, independent business was recirculated locally, compared with less than 14% of purchases at chain stores, according to Civic Economics. That means, by shopping locally on Small Business Saturday, this year Saturday, November 29, 2014, means you are not only getting great gifts for your holiday giving, but supporting the creation of local jobs and strong revenue streams that benefit your community.
According to national research, on average, buyers spent $407.23 on Black Friday. If you took your average Black Friday spending (which puts in about $57 back to the local economy if you shop at a chain) and spent it at local, independent businesses, your purchase would keep more than $195 local.
Small Business Saturday is a great way to get your shopping done early and support your community. You can find participating businesses at Small Business Saturday’s website and by checking out OBDC’s Borrower Map.
Tell us where you shop by tweeting @obdc_finance and don’t forget to #SmallBizSat!