5 Ways to Boost Local Businesses in Your Community

Small businesses are responsible for about 66% of new jobs and drive almost half the economic activity in the United States. Yet, small local shops are under increasing pressure. Big box competitors and e-commerce sites are making it harder for locally owned stores to compete.

When you spend locally, most of the money goes right back into your own neighborhood. It pays the wages your neighbors need to buy food and other essentials. Even adding just $5 to the local economy can create $50+ in economic impact as the money is spent and changes hands.

Here’s how you can support your local businesses in today’s economy:

1. Budget for It

If you already have a household budget, it’s a great idea to devote some money to local shopping. Let’s say that you have $50/week to buy local: when you already know what your budget is, it’s much easier to spend $2 or $3 more on something that you want locally, rather than buying it on Amazon.

2. Shop Local for Services

Services like printing, shoe repair, lawn care, roofing, and cleaning are often about the same price whether you go with a local or national brand. Customer care may be even better, since family-owned local companies rely on your positive reviews to attract more business.

3. Send Local Gifts for the Holidays

Local gifts add a special flair to your holiday shopping that mass produced items simply can’t match. Remember, even most small businesses have gift cards and websites, so those friends and family members who are hard to shop for can choose their own present and still buy local.

4. Become a Locavore

From farmers’ markets to colorful little restaurants you can’t find anywhere else, dining in your neighborhood means enjoying local “flavor” in the best way. And there’s another sound reason to give it a try: The less your food has to travel from farm to table, the better it is for the environment.

5. Bank Locally

A community bank is with you whether you need to save for college, find a home mortgage, plan retirement, or even start a business of your own. Your local bank offers all of the features you want, with plenty of affordable and convenient options. Plus, local bankers are motivated to build personal relationships, and prioritize investing in the community.

For expert advice, contact us at Providence Bank. We look forward to helping you.

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