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Money Matters Blog

Monday, November 19, 2012

Small Business Saturday Supports the “Backbone of Our Economy”

Super-shopping day Black Friday’s little sister, Small Business Saturday, November 24, 2012 is making headway and finding its own place in the American holiday shopping vernacular.

Started in 2010 by American Express with the stated goal of helping small businesses get more exposure during the post-Thanksgiving weekend in which they were often forgotten among the big store advertising frenzy, the movement has grown and become a strong contributor to local economies.  It even has its own Facebook page!

Last year during Small Business Saturday, it is estimated that 103 million Americans participated by shopping at small businesses.  This far exceeded American Express’s expectations of 89 million shoppers.

Locally, the Canton Chamber of Commerce has worked all year to get the word out about the importance of support local businesses. They hope residents continue to support area businesses in the spirit of the new shopping holiday:

“Small Business Saturday was created with the original mindset for consumers or shoppers to patronize those brick-and-mortar business, small and local, and we definitely do the same thing and not just on one day of the year,” said Thomas Paden, president of the Canton Chamber, which works in partnership with the Canton Downtown Development Authority on its ‘Shop Canton’ promotion.

“We’re definitely promoters of small businesses in the local community because they are the backbone not just of the Canton community, but they are a backbone nationwide.”

Statistics released by the U.S. Bureau of Labor Statistics in 2010 back those words up, as it announced that small firms accounted for about 60-percent of the nearly 1.2 million jobs created and have thrived despite uncertain economic times and trouble getting loans from banks.

But now, thanks to conscious consumers, promotions like Small Business Saturday, and institutions such as Community Financial Credit Union providing them with the loans they need, things are looking up for many of America’s most important economic engines.

So remember to support your favorite local businesses during the holiday shopping season.  If you are a small business owner, give Community Financial a call to find out how we can help grow your small business.  For more information on Small Business Saturday and to find small businesses in your area, visit the U.S. Small Business Administration here.

For more information on Community Financial’s Business Services, contact Business Development Officers David Sanctorum at (734) 582-8850 or Mark Evenson at (734)-751-5723.

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