When you choose to shop at a small business you are choosing to invest in your community. It is estimated that for every $100 spent in a local business, $68 recirculates and remains in the local economy.
Local businesses are owned by people who live in your community. They donate to local causes and employ local people. In fact, 47.2% of employees in Arkansas work for a small business.
Saturday, November 26, 2022, is Small Business Saturday. It’s a day to celebrate and support small businesses and all they do for their communities. There are more than 260,000 small businesses in Arkansas. These businesses employ close to 500,000 Arkansans.
More than 43% of small businesses in Arkansas are owned by women. Veterans own 9.1% of small businesses and minorities 13% of small businesses in the state.
These owners took a chance on their dreams. As a result, the employees are more likely to be personally invested in the products or services they are selling. That often means they can provide more specific product expertise and a personalized shopping experience.
Whether it’s handcrafted jewelry or vintage furniture, locally-owned businesses are also more likely to offer unique merchandise.
The Arkansas General Assembly continually reviews proposals to make it easier to open and sustain small businesses. In recent years, we’ve reduced the red tape on licensing procedures, lowered taxes, and improved infrastructure. As we approach the 2023 Regular Session, supporting our small businesses will continue to be a priority.
Your small purchase this holiday season can make a big difference. Our small business owners are still emerging from a challenging economic time in our history. We encourage you to shop local throughout this holiday season.