After many Americans go big for Thanksgiving and Black Friday, the Saturday that follows has become the moment to shop small.
Observed annually during the first weekend after Thanksgiving, Small Business Saturday encourages consumers to redirect some of their holiday spending toward small businesses — the backbone of the U.S. economy.
“With the economy rebounding from forty-year high inflation, there’s never been a better time to shop small in support of local businesses,” Small Business Administration (SBA) Administrator Kelly Loeffler said in a statement.
Small businesses employ roughly half of the private-sector workforce and generate nearly half of U.S. GDP, Loeffler noted.
WALMART SUPPORTS SMALL BUSINESSES, AMERICAN-MADE PRODUCTS THROUGH NEW ‘GROW WITH US’ INITIATIVE
“When we as consumers take part in Small Business Saturday, we’re investing in the workers and job creators who power our own communities,” she said. “This Christmas Season, the SBA asks every American to join us in standing with Main Street to support the small businesses that make our nation strong.”
Created by American Express and co-sponsored by the SBA, the shopping holiday is a critical revenue driver for the nation’s 36 million small businesses.
Since its launch in 2010, Small Business Saturday has generated more than $220 billion for restaurants, independent retailers and service-based businesses, according to the SBA.
COFFEE BRAND BY VETERAN FIRE CAPTAIN LAUNCHES CONTRIBUTION INITIATIVE WITH PROFOUND MISSION
CHICAGO BREWERY WINS COVETED SAM ADAMS COMPETITION, EYES NATIONWIDE EXPANSION
Small business owners anticipate nearly 20% of their annual sales will come from Small Business Saturday alone. Last year, shoppers spent an estimated $22 billion at local merchants on the shopping day, according to the SBA.
The state with the greatest number of small businesses is California with 4.3 million, followed by Texas and Florida with 3.5 million each, New York with 2.4 million and Pennsylvania with 1.2 million, according to the SBA.
Those with the fewest small businesses include Alaska with 77,814, North Dakota with 78,219, Vermont with 81,949, Wyoming with 81,924, as well as the District of Columbia with 82,666.
In an appearance on Fox News Channel’s “Fox & Friends” on Friday, Loeffler added that small business confidence is now at a seven-year high — crediting policies enacted under President Trump.
“Small businesses head into this year extremely confident, thanks to President Trump’s economic agenda that is providing for tax cuts, deregulation, fair trade,” she said. “And now we see consumer spending for this season projected at about a trillion dollars for the first time ever.”
Read the full article here
