Small Business Saturday Highlights Local Economies
Friday, November 25, 2022
Holiday shoppers this week have no shortage of options with Small Business Saturday being observed on Nov. 26.
Sandwiched between Black Friday and Cyber Monday, Small Business Saturday reminds shoppers to patronize local retailers, craftspeople and restaurants as they prepare for the holidays.
A small-business economic impact study conducted for American Express reported of every dollar spent at a small business, 68 cents stay in the local economy.
Charles "Tee" Rowe, President and CEO of America's Small Business Development Center, said there is more to holiday shopping than finding the best deal on electronics.
"Small Business Saturday is just a great recognition of the fact that there's so much more in the holiday season, and in buying and being part of your community than rushing to get a big old TV cheap," Rowe explained.
Last year, U.S. shoppers spent $23 billion at independent retailers and restaurants on Small Business Saturday.
Small Business Development Centers are a nationwide network, often hosted by universities or state economic development agencies, which provide free business consulting along with low-cost training to new and existing businesses.
Rowe noted during the pandemic, much of their work was focused on getting small businesses online.
"We've done a lot of work helping small businesses during the pandemic get onto e-commerce and really expand their markets in amazing ways," Rowe recounted.
Small Business Development Centers are funded in part by Congress through the Small Business Administration.
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