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Supporting small businesses: help your local main street win $25,000

Published: Sep. 22, 2021 at 12:36 PM CDT
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WAUSAU, Wis. (WSAW) - Main streets are the heartbeat of America’s cities and towns. They play an important part in the long-term success of communities and help build a sense of place.

According to the Small Business Administration, for every $100 spent at small businesses, $48 is put back into the local economy. But if that same $100 is spent at big box store or national retailer, only $14 makes it back to our local economy. If every family in the country shifted just $10 a month to locally-owned, independent businesses instead of national chains, more than $9.3 billion would be directly returned to local economies.

A Federal Reserve report shows the pandemic resulted in the permanent closure of roughly 200,000 U.S. establishments – individual companies account for about two-thirds (roughly 130,000) of the extra closures. The hardest-hit small businesses, according to the Fed study – barber shops, nail salons and other providers of personal services.

Here are some other positive effects of buying local:

  • When you eat, play and stay local, those businesses, in turn, continually pump your hard-earned dollars back into the local economy by way of taxes, payrolls and purchases. This translates into more money for roads, schools, services and new jobs in your community.
  • Independent retailers return three times more money to local economies than national chain retailers.
  • Independent restaurants return two times more money to local economies than national restaurant chains.
  • Independent retailers return seven times more money to local economies than online giants.
  • Residential neighborhoods served by a successful independent business district gained, on average, 50% in home value as compared to citywide markets.

You can nominate a deserving Main Street where you live through Independent We Stand’s America’s Main Streets contest to help promote the importance and strong economic benefits of these main streets and the small businesses that help them thrive. The winning main street will receive $25,000 in cash and related prizes.

Nominate here: https://buff.ly/2VMyrkM

For more information please visit: www.independentwestand.org

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