Just as the holiday shopping season gets into full swing, Small Business Saturday is set for the Saturday after Thanksgiving to encourage people to shop and support small businesses.
Small Business Saturday is a grassroots, not-for-profit campaign originally started in 2010 by American Express, which remains its primary sponsor. In 2011, the U.S. Senate unanimously passed a resolution in support of Small Business Saturday and encouraged officials in all 50 states to participate.
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In 2013, more than 1,400 people and companies signed up as Neighborhood Champions to rally and support their local communities’ Small Business Saturday events and activities.
Last year, there were more than 7,500 Neighborhood Champions across all 50 states.
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Almost 100 corporations lend their official support to the movement.
Over the years, Small Business Saturday spending has reached $103 billion since the day began in 2010.
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There are 30.2 million small businesses in the U.S., according to Fundera. Eight million small businesses are minority-owned, according to the Small Business Administration.
In 2016, small businesses were responsible for 66% of new jobs. About 20% of small businesses are family-owned, and just over half are home-based.
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Almost the opposite of Black Friday — the day people flock to big-box retailers for advertised deals — Saturday celebrates the local entrepreneurs whose livelihood depends on the consumers.
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The “shop local” day also comes before Cyber Monday, the annual day designed to encourage holiday shoppers to go online.
An average of 67 cents of every dollar spent at a small business stays in the local community, according to the latest Small Business Economic Impact Study from American Express.
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In a separate study, the National Federation of Independent Businesses and American Express found that roughly 90% of consumers believe this holiday season that it’s more vital than ever to support local retailers.
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