Support Small businesses to grow your community

Posted in Latest News

"Buy Local" - you see the decal in the store window, the sign at the farmer's market, the bright, cheerful logos for Local home town businesses on lamp posts next to the high with the message "let's-support-local-business".

Buying close to home may be more than a feel-good, it's-worth-paying-more-for-local matter.

A number of researchers and organizations are taking a closer look at how money flows, and what they're finding shows the profound economic impact of keeping money in town - and how the fate of many communities around the nation and the world increasingly depend on it. The point is not that communities should suddenly seek to be self-sufficient in all ways, but rather to shift the balance.

The difference between chain stores and small business falls away once you consider the increase in local employment as well as the relationships that grow when people buy from people they know.

Another argument for buying local is that it enhances the "velocity" of money, or circulation speed, in the area. The idea is that if currency circulates more quickly, the money passes through more hands and more people have had the benefit of the money and what it has purchased for them.

As the nation limps through the Covid period, many towns and cities are hurting. "Supporting small businesses" campaigns can help local economies withstand the downturn, this is a hopeful message for all small local businesses.