Supporting Local Businesses: Why It’s So Important in Today’s Economy
According to the U.S. Small Business Administration Office of Advocacy, small businesses contributed to nearly 1.6 million jobs across Georgia in 2018. That makes up more than 43 percent of all Georgia workers.
That year alone, small businesses created more than 73,000 new jobs.
Supporting small businesses is integral to a stable economy, and doing so may be especially important now as the nation works to recover from the devastating financial impact of the coronavirus pandemic.
When purchases are made at locally owned businesses, significantly more money stays in a community. There are many positive financial and intangible benefits of supporting small businesses in Effingham, Bryan, and Chatham counties.
- Local businesses are more likely to utilize other local businesses such as credit unions, restaurants, and entertainment venues.
- For every $100 you spend at a local business, $68 will stay in the community.
- Independent retailers return more than three times as much money per dollar of sales to the community in which they operate than chain competitors. Independent restaurants return more than two times as much money per dollar of sales than national restaurant chains, as noted on the state of Massachusetts website.
- Local businesses may be owned by people you know, so you essentially would be supporting your friends, neighbors, acquaintances, and maybe even your own family.
- Showing support for local businesses creates bonds within the community as you get to know other people better and possibly build lasting friendships.
- Businesses may be more likely to give back to their local Georgia community, such as through business partnerships, sponsorships, school fundraising events, civic events, and internships or other educational opportunities for students.
Georgia Heritage Federal Credit Union, for example, was a sponsor of the inaugural AAA Free Drive-Up School Supply Giveaway held on Saturday, August 15. Four hundred backpacks with school supplies and PPE – as well as tote care packages for teachers with teaching aides, tools, and PPE – were donated. We are so thrilled to have been part of such an extraordinary event and are proud to give back to the community.
There are many ways you can support Savannah Metropolitan Area small businesses during this coronavirus pandemic. Here are just a few:
- Order takeout from a small restaurant you never tried before. Explore their menu online, place an order, and have it delivered to your home or pick it up in person.
- Along those lines, if you find a small business you love, continue to shop there and tell your friends about it. You may even wish to post a 5-star review about the business online to boost their reputation.
- Instead of shopping at larger stores, consider stepping into a small business that offers the same products.
- If you need your hair cut or your nails done, give a new business a try.
- As you’re looking for a gift for someone, try thinking outside the box. How about the privately owned flower shop, or maybe a local jewelry store?
- Try the local hardware store for a tool or household item.
Georgia Heritage Federal Credit Union is proud to support both small and large businesses in the Savannah Metropolitan Area.