This year in between Black Friday and Cyber Monday there will be Small Business Saturday. Shopping at local retailers is a great way to support your local economy and this year American Express is launching a nationwide effort to spur business for small merchants on Saturday, November 27th.
“Small business is the engine of job creation in the US economy,” said Mr. Chenault, chairman and chief executive officer, American Express. “It is also among the sectors hardest hit by the recession. By spreading the word about Small Business Saturday, we can help raise awareness about the critical role small businesses play in cities and towns across the country at a time when they need support the most.”
“Small businesses are critical to the nation’s overall economy. According to the U.S. Small Business Administration, there were nearly 28 million small businesses in the United States last year. Over the past two decades, they created 65 percent of net new jobs. Their importance to local communities extends even further. For every $100 spent in locally-owned, independent stores, $68 returns to the community through taxes, payroll and other expenditures, according to the small business advocacy group The 3/50 Project.”
Small Businesses are the lifeblood of local communities and the engine of the US economy. According to the Small Business Administration, small firms represent 99.7 percent of all employer firms, employ half of all private sector employees, and pay 45 percent of total U.S. private payroll. In addition, small businesses have generated 60 to 80 percent of net new jobs annually over the last decade. In general for every $100 spent in locally-owned, independent stores, $68 returns to the community through local taxes, payroll and other expenditures (according to 3/50 Project).
“Small businesses are the backbone of our economy and the glue that holds communities together, and we’ve always sought new ways to support them – something that became even more important when the national economic downturn began,” said Mayor Bloomberg. “When Ken Chenault told me about his idea for Small Business Saturday, I jumped at the opportunity to participate. We’ve all heard about Black Friday and Cyber Monday. This year, if you have the opportunity to shop on the Saturday after Thanksgiving, make it a point to visit local small businesses. It really can make an enormous difference for merchants trying to succeed.”
As you're shopping for holiday gifts this Saturday be sure to see what deals some local businesses are offering. Afterall, doing something for your community is what the holidays are (partly) about.