Small Business Saturday is a relatively new American tradition. While Black Friday has been an informal holiday for more than 60 years, it wasn’t until 2010 the Saturday after Thanksgiving earned its official title, designating it as a day to shop local and support hometown retailers.
In a year when businesses have faced profound challenges due to the COVID-19 pandemic, this year’s Small Business Saturday could be more critical than ever before. Many locally owned retailers earn upwards of half their annual revenues during the period between Thanksgiving and Christmas. As precautions have been taken to slow the spread of the coronavirus, many restaurants, retailers and service businesses are concerned that benchmark will be hard to achieve.
As the voice of America’s entrepreneurs, the U.S. Small Business Administration (SBA) celebrates the 30 million small businesses in the nation that ignite our local economies and enrich our communities.
The SBA has worked throughout the pandemic to provide essential programs and lifelines to keep businesses viable. SBA administration of the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) programs injected nearly $1 trillion into the economy and sustained millions of businesses and nonprofit organizations.
This assistance was essential. But it can’t compare to customers in stores, families enjoying hometown attractions and the daily bustle of unrestricted life.
The health and success of Colorado small businesses is particularly important as small businesses are powerful job creators throughout the state. The 653,000 small businesses in Colorado deliver essential goods and services in rural and urban communities, employ more than 1.1 million Coloradans and create two of every three net new jobs.
In so many ways, small businesses act as the glue holding our communities together. Small businesses fund local tax bases, finance local nonprofits and charitable organizations and create good jobs that boost the overall marketplace. By backing locally owned small businesses, you support the thousands of jobs they create and families they sustain.
As you celebrate the holidays this year — whether that’s continuing with annual traditions or connecting with family and friends through a computer screen or phone call — remember to shop small. Support small businesses online or in accordance with the guidelines in your community. Order a family dinner from your favorite local restaurant. Encourage your family and friends to do the same.
Small business owners are true hometown heroes who deserve our appreciation.