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Small Business Saturday Keeps Dollars in Local Economies

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Friday, November 25, 2022   

Holiday shoppers this week have no shortage of options, with Small Business Saturday being observed Nov. 26.

Sandwiched between Black Friday and Cyber Monday, Small Business Saturday reminds shoppers to patronize local retailers, craftspeople and restaurants as they prepare for the holidays.

A small-business economic impact study conducted for American Express reported of every dollar spent at a small business, 68 cents stay in the local economy.

David Watkins, vice president of small business for the Indiana Economic Development Corporation and state director of the Indiana Small Business Development Center, said shopping small benefits Indiana communities of all sizes.

"All of those follow-on effects obviously benefit not just the major population hubs across the state, but perhaps more importantly all the towns, cities and communities across the state of Indiana that have small businesses that call those places home," Watkins explained.

According to the Indiana Small Business Development Center, small businesses make up more than 99% of all businesses in Indiana and employ 1.2 million Hoosiers.

Small Business Development Centers are a nationwide network, providing free business consulting and low-cost training for new and existing businesses, often hosted by universities. In Indiana, the center is integrated into the state government via the Indiana Economic Development Corporation. There are 10 regional offices across the state, and Watkins pointed out all kinds of businesses can get help.

"It doesn't matter whether you are operating a side hustle in your basement, whether you're starting a hair salon, or whether you're a high-tech software company, Indiana has a spot, a program, a vehicle, by which we can support your success here in the state," Watkins added.

Small Business Development Centers are funded in part by Congress through the Small Business Administration.


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