October 19, 2020
12 Reasons to Go Local for the HolidaysMiscellaneous
- More money is redistributed locally. Every dollar spent at independent business is returned three-fold to your local economy compared to a chain (and almost 50 times more than buying from an online mega-retailer).
- Support local jobs and services. Small businesses create two out of every three new jobs in the U.S. annually. More than 50 percent of Americans either own or work for a small business.
- It's better for the environment. Independent, community-serving businesses typically consume less land, carry more locally made products, locate closer to residents, and create less traffic and air pollution.
- Small businesses innovate. Nearly all employer firms (98.5 percent) in high-tech industries are small businesses, which incidentally produce 16 times more patents per employee than their larger counterparts.
- Tax dollars help support the community. Spending locally instead of online ensures that your sales taxes are reinvested where they belong - in your community! Local businesses also generate more tax revenue per sales dollar.
- Support underserved communities. Community banks serve as the only physical banking presence (625 out of 3,000) or one in five U.S. counties.
- Increase charitable contributions. Small businesses donate more than twice as much per sales dollar to local nonprofits, events, and teams compared to big businesses.
- Get better service. Independent businesses deliver superior value compared to their larger counterparts. And those businesses report higher overall satisfaction when banking with a community bank (73 percent) compared with 49 percent for large banks and just 35 percent for online lenders.
- Access a network of local experts. Locally owned businesses, like community banks, have a vested interest in knowing how to serve you - whether helping to fund a startup, purchase a home, or plan for retirement.
- Invest in local entrepreneurship. Community banks provide more than 60 percent of small business loans and more than 80 percent of agriculture loans.
- Promote family-owned business. Approximately one in five firms are family-owned. Industries with the highest share of family-owned business, including management of companies and enterprises, represent the highest share of family-owned businesses (46.4 percent) followed by real estate/rental and leasing (37.3 percent), and accommodation and food services (33.2 percent).
- Support local farmers. Local food is fresher, healthier, and tastes better because it spends less time in transit from farm to plate. Because of the shorter distribution chains, less food is wasted in distribution, warehousing, and merchandising.