This Saturday is Small Business Saturday; a day to celebrate and support small businesses and all they do for their communities.
According to Arkansas’ House of Representatives, it is estimated for every $100 spent in a local business, $68 recirculates and remains in the local economy. The numbers also show 47.2% of employees in Arkansas work for a small business.
There are more than 260,000 small businesses in Arkansas who employ close to 500,000 Arkansans.
More than 43% of small businesses in Arkansas are owned by women. Veterans own 9.1%, and minorites run 13%.
The Twin Lakes Area has several small businesses, and Mountain Home Chamber of Commerce President and CEO Dani Pugsley says they have a big impact on the local economy.
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According to the U.S. Small Business Administration, Small Business Saturday was founded by American Express in 2010 and officially co-sponsored by the SBA the following year.
Last year’s event reportedly reached an all-time high. According to Business Wire, results from the American Express 2021 Small Business Saturday Consumer Insights Survey showed total reported projected spending among U.S. consumers who shopped at independent retailers and restaurants during last year’s event reached an estimated $23.3 billion.
That was up 18% from $19.8 billion in 2020 and an increase from pre-pandemic spending in 2019 ($19.6 billion).
In addition to Small Business Saturday, the Mountain Home Chamber of Commerce is beginning a new “Shop at Home, Mountain Home” Christmas campaign. Pugsley says several businesses in the community are set to take part in the campaign.
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Since American Express began the movement, consumers reported spending an estimated $163 billion at small businesses on Small Business Saturday.
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