NFIB released its 2024 Small Businesses’ Contribution to the Community report on November 18th. The report is based on a nationwide survey of small business owners, providing insight into how and why small businesses contribute to their communities.

“Small businesses are not only the engine of New York’s economy but are also the engine of local communities across the Empire State,” said NFIB New York State Director Ashley Ranslow. “Even in tough economic conditions with high inflation and utility prices, Main Street businesses are still supporting their communities through financial support, in-kind contributions, and volunteering their time. As lawmakers prepare for a new legislative session in January, they should remember that small businesses are pivotal to the state’s economy and the communities they serve, and should prioritize policies that make it easier for small entrepreneurs to operate across the state.”

Key findings include:

Volunteering Time

• About three-quarters (76%) of all business owners reported volunteering their time to work on behalf of community or civic groups, charities, youth sport programs, schools, religious organizations, or similar activities in the last 12 months.
  Of those owners who volunteered their time in the last 12 months, 30% reported they were very active, and 47% reported moderately active in the activities in which they volunteered.

Financial Support

• Financial support was the most common method small businesses used to support their community compared to volunteering their time or in-kind contributions.
• Ninety percent of small business owners have financially supported community or civil groups, charities, youth sport programs, schools, religious organizations or similar activities in the last 12 months.

In-Kind Contributions

• Sixty-three percent of small business owners reported providing in-kind contributions for community and civic groups or functions, charities, schools, etc.
• Asked the estimated annual value of those in-kind contributions, 10 percent of respondents reported less than $500. Eighteen percent estimated the value between $500-$999 and 42% contributed between $1,000- $4,999. Over a quarter (27%) contributed $5,000 or more, with 14% of those reporting a contribution of $10,000 or more.

Types or Groups of Activities

• Seventy-two percent of all small businesses reported contributing to education or school related activities or groups, the most common of all listed activities.
• Sports related activities was the second most cited category of support with 66 percent of small business owners reporting this activity.

Importance of Involvement

• Almost all (95 percent) of small business owners reported their involvement in community activities is important to their personal satisfaction and fulfillment, with 43 percent saying it is very important.
• Eighty-two percent of small business owners report that their involvement in community activities is important to creating a better local business climate.
• Small businesses were asked how important their involvement in community activities is in making their community a better place to live. Ninety-two reported it was important to some degree. Forty-four percent reported very important, 27% reported moderately important, 21% reported mildly important, and 5% reported not at all important.

To download NFIB’s 2024 Small Businesses’ Contribution to the Community report, please click here.