November 28 is Small Business Saturday.
When you shop local, you get the benefit of making purchases quickly and conveniently. And, buying locally keeps money in our community.
According to the Cambridge Journal of Regions, Economy, and Society, researchers in the U.S. found that counties with a higher volume of local businesses actually had a lower rate of mortality, obesity and diabetes.
Buying local reaches beyond better health and promotes local prosperity. Researchers found for every $100 spent at a local business, $68 remained in the city.
Benefit the Local Economy
When you buy locally, the small business you patronize benefits. And the benefits spread throughout the community.
A small business that is successful is likely to hire more workers and their payroll earnings are spent in the community. Businesses pay local taxes that help the schools, charities, and road and infrastructure projects that residents benefit from.
Small businesses typically have a unique offering that can produce a one-of-a-kind shopping experience. A local business understands their customers’ needs because they take the time to build a relationship with their clients. Local businesses often can be flexible and are able to quickly adjust to customer situations.
American Federal Salutes Small Businesses
American Federal Bank salutes small businesses who are the backbone and spirit of our region’s economy. They grow their business, create jobs and ensure our communities remain vibrant.
Small businesses are the reason American Federal Bank was founded back in 1891. We wanted to help main street businesses with their credit and deposit goals so they could be successful.
“American Federal is a small business in its own right. We are an employee-owned community bank headquartered in Fargo, North Dakota, with 13 Sales Offices up and down the Red River Valley and the Lakes Region of northwestern Minnesota. This gives our Bankers a unique bond with their small business customers, and allows them to provide trusted advice and local decision making,” said Pat McShane, Fargo Downtown Market President.
During the COVID-19 pandemic, American Federal has helped more than 665 small businesses and farms with $45 million in Paycheck Protection Program (PPP) loans.
Buying local is a win-win for customers, for small businesses and for the community.