It’s no secret that small businesses have suffered under the pandemic and COVID-related closures and protocols. Many highly successful small businesses have taken big hits or closed their doors completely. Others are struggling with staffing issues making it difficult to stay open during regular business hours and with seemingly no relief in the short term. With the holiday shopping season in full swing, now more than ever, it’s vital that we support the small businesses in our neighborhoods or risk losing them forever. 

Local Economy Boost

Especially now, we can all agree that every dollar counts. Most of us have felt the pinch of the COVID pandemic in our own bank accounts and shopping local directly supports our own local economy.  When you shop at a small local business, nearly 50% of the cost of your purchase will be recirculated in your local economy. Compared to shopping at big-box chain stores, where only around 15% of your purchase will stay in the local economy. 

Local Job Boost

According to a university study, small local businesses are the largest employers nationally, creating two out of every three new jobs, and they employ 52 percent of the nation's employees! Since 2003, small businesses have added 5.1 million new jobs to the economy. So, shopping local is literally creating job stability for your neighbors. A reliable job market is a key component of a successful and thriving community. Not only do small businesses contribute to a growing job market, but often they create opportunities for local artists to showcase their work and grow their own small businesses within the local economy—another win!

Customizable and Sustainable

Oftentimes, a small business owner offers unique and custom finds that you can’t get from chain retailers. Their products are often hand-crafted and one-of-a-kind—the kind of products that make the best gifts for the holidays! Furthermore, shopping local is more sustainable and often better for the environment due to the lack of extra packaging and fossil fuels it takes to ship large quantities of consumer products all over the country to large retailers.

Small Businesses Give Big

According to recent data, it is estimated that small businesses donate 250% more than larger businesses to local nonprofits and community causes. 75% of small business owners donate an average of 6% of their profits to charitable organizations each year. That’s a huge positive impact on local charities and non-profits and generally benefits the community you live in.

Customer Service is King

Buying local has its perks, like face-to-face customer service. Eliminate the stress of shopping around during the holidays and work with local small business owners who many times are available to assist and recommend products, as well as answer questions in-person, in real-time. Many small business owners often partner with others for great holiday deal offers and recommendations. Save yourself time and hassle this holiday season and shop with service pros who care about your purchase.

Invest in Your Community

Your local, small business purchase has an immediate impact on your local community. But supporting the small shop down the street now is an investment in the future of your community. When that small business is successful because of your business, you give them the power to expand and thrive and to inspire new small businesses to open and grow in the community. Small successful local business areas often attract other businesses, like restaurants and hotels, and together they contribute to greater tax income and a thriving local economy that works for everyone in it.

Remember when shopping this holiday season, the impact and power you have in every dollar you spend locally in a small business. Check out Andover Bank’s Facebook page and search for our Local Business Spotlight posts for all the wonderful local businesses throughout our bank communities.