A community’s business district speaks volumes about who they are, and how they’re growing. With the holiday shopping season in full swing, it’s a great time to revisit community favorites, and explore new shops and restaurants. Not only is it good for the local economy, it’s good for the soul, too. Shopping local is one of the most enjoyable ways to invest in the community. Here are 5 reasons to shop, and bank, small to make a big difference this holiday season, and all year.
According to the U.S. Small Business Administration, 30.2 million small businesses in the United States account for 99.9% of all businesses in the country. Employing 58.9 million people (or 47.5% of the workforce), there is nothing small about the impact of these businesses on the economy. American Express estimates that “for every dollar spent at a small business in the U.S., approximately 67 cents stays in the local community.”
Plus, every dollar spent at small businesses creates an additional $0.50 in local business activity as a result of employee spending and businesses purchasing local goods and services, according to the Small Business Economic Impact Study from American Express. Local businesses are much more likely to work with local suppliers and professionals than national companies.
Supporting a local economy means banking locally too! It’s a philosophy Fidelity Bankers embrace every day as part of a community bank with a long history of service to those who live and work in northeastern Pennsylvania. Fidelity Bank has been locally owned and operated since 1903, and is proud to serve members of the community and small business owners throughout the region.
While technology and automated systems play an important role in today’s business world, there is something to be said for a shopping experience where business owners and sales associates are available to answer questions, face-to-face. The experience of shopping at a locally-owned retailer, dining in a locally-owned restaurant, or banking at a community bank creates opportunities for people to develop relationships with members of their local business community that just doesn’t happen at national chains or through online transactions.
Looking for a one-of-a-kind gift for the person who has everything? This is another area where locally-owned shops really shine. Small shops often feature handmade items created by local artists, and items unique to the culture and heritage of the regions they serve.
It’s easy to develop the habit of turning to a handful of popular national online retailers to whittle down that gift list, but keep in mind, local retailers often sell their products online, too. It’s possible to shop small and shop online. The same premise holds true for banks. Community banks, including Fidelity, offer a wide variety of online banking services for personal and business accounts.
An added benefit of shopping locally is that it may actually conserve resources. Customers who patronize shops and eateries within walking distance of their homes, and businesses that source products locally help to reduce the carbon footprint by conserving fossil fuels.
Remember, when you bank locally, you are making an investment in your local economy. Community banks like Fidelity Bank, invest 100% of the deposits you make back into YOUR community in the form of loans. That means by putting your money in a community bank, you're helping your neighbors to buy homes, local businesses to expand, and neighborhood parks and community resources to grow.
Fidelity Bank has built a strong history as trusted advisors to the customers served and is proud to be an active member of the community of Northeastern Pennsylvania. With 12 branches located throughout Lackawanna and Luzerne Counties, Fidelity Bank offers full-service Trust & Investment Departments, a mortgage center, and an array of personal and business banking products and services. The Bank provides 24 hour, 7 day a week service to customers through a variety of digital banking tools, branch offices, online at www.bankatfidelity.com, and through the Customer Care Center at 1-800-388-4380.
Daniel J. Santaniello, President, and CEO, of Fidelity Bank, publishes Financially Fit with Fidelity, your guide to financial well-being, every Thursday. If you’re interested in a financial topic we haven’t yet covered or want to subscribe to our emails, please feel free to drop us a line at blog at fddbank dot com. We would love to hear from you.