Buy local” initiatives have been increasing in popularity for more than a decade, with the movement gaining momentum in 2010 when American Express launched its first Small Business Saturday. Designed to boost revenue for independently-owned businesses that were struggling due to the 2008 recession, the holiday campaign was a hit with small retailers across the country. In many regions, including Northeastern Pennsylvania, Small Business Saturday has grown into an annual tradition. During COVID-19, we’ve seen a resurgence of “buy local,” “shop small,” campaigns year-round in support of small businesses facing economic challenges during the pandemic. For many local business owners, the increased community awareness has made the difference between staying open, and closing their doors forever. This support is critical to the economic vitality of the community.
Why it matters
The impact of supporting local isn’t solely limited to business owners and their employees. The outcomes of these investments are far greater because of the local multiplier effect. The American Independent Business Alliance explains: “The Multiplier Effect results from the fact that independent locally-owned businesses recirculate a far greater percentage of revenue locally compared to absentee-owned businesses (or locally owned franchises). In other words, spending locally creates more local wealth and jobs.” Here’s why:
How to find locally-owned businesses
One of the greatest challenges facing small business owners is reaching their target audience to attract new customers, while maintaining regular communication with their existing customers. With modest marketing budgets, and limited resources, it’s difficult to compete with sophisticated advertising campaigns their national competitors produce. This means consumers who want to support locally-owned businesses may need to do a little homework before their next shopping trip, but don’t let this deter you. Finding independent businesses in your community is easy once you know where to look:
Support local opportunities are everywhere
Remember, support local initiatives aren’t limited to retail and restaurants. They also include professional services, such as tax preparation, real estate agencies, and… banking! Fidelity Bank is proud to be a community bank and when you bank locally, it’s the same as shopping locally. While national and regional banks take money on deposit and lend it out to people and businesses in an array of markets, community banks don’t. That means the money you deposit with Fidelity is lent to your neighbors and friends only. Community Banks like Fidelity also have the flexibility and knowledge to support initiatives like Boost Business NEPA that assist businesses and organizations in your neighborhood.
Fidelity Bank has built a strong history as trusted advisors to clients served, and is proud to be an active member of the community. With 20 branches located throughout Northeastern Pennsylvania and the Lehigh Valley, 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 clients 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.