Financial Education

Why We Need Small Businesses

Planning on spreading some cheer this holiday season? Why not give the gift that keeps on giving- local economic prosperity? By purchasing a one-of-a-kind creation from a local small business in and around the Philadelphia area, you are supporting the engines that fuel our economy. Here are a few ways small businesses help make our neighborhoods thrive:

Local Businesses Create Local Jobs

According to the SBA, the country's 32.5 million small businesses create 62% of net new U.S. jobs annually.

Local Businesses Pay Local Taxes

These local taxes then get put back into the community to fund things such as roads, local schools, and your neighborhood's green spaces.

Local Businesses Support the Community

Local businesses are oftentimes the ones supporting your neighborhood sports teams and community events. They also tend to use other local businesses for their own supplies and needs. For every $100 you spend at a locally owned business, $48 out of that $100 is returned to the local economy compared to just $14 when you shop at a national chain.

Local Businesses Create Community Identity

Local businesses can give Philadelphia and its neighborhoods their own sense of identity by offering services or merchandise unique to our area. This not only draws people to our community but also give a sense of pride to the people who live here. Locally sourced goods and services crafted by local artisans and that are exclusive to our area also make great and memorable gifts!

Local Businesses and the Environment

Independent, community-serving businesses typically consume less land, carry more locally made products, and create less traffic and air pollution, so they can be better for the environment as well.

So thank your small businesses for all that they add to your neighborhood and remember to shop locally this holiday season!