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Report Shows Impact of Small Business on Local Economies

Report Shows Impact of Small Business on Local Economies

December 2, 2024

Alabama News

Research the contributions local businesses make to their communities

New research from the NFIB Research Center underscores the vital role small businesses play in their communities.

State-specific data is unavailable, but NFIB State Director Rosemary Elebash said the report highlights Main Street’s impact on local economies.

“Small businesses are more than just the backbone of our economy—they’re the heart of our communities,” Elebash said. “Small business owners give back in so many ways, from donating their time and resources to strengthening local trust and loyalty.”

According to the 2024 Small Businesses’ Contribution to the Community report:

  • About 76% of small business owners volunteered their time for civic groups, charities, youth sports programs, schools, religious organizations, or similar activities in the past year.
  • Financial support was the most common way small businesses helped their communities. Ninety percent of small business owners donated money to local groups, charities, youth sports, schools, or religious organizations in the past year.
  • Sixty-three percent of small business owners made in-kind contributions, such as donating meeting spaces, excess inventory, or auction items to raise money for causes.

The report focuses on NFIB members’ community involvement and provides a nationwide view of how small businesses contribute to local communities. Most NFIB members employ between one and nine people and report yearly sales of about $500,000.

“When you shop local, you’re investing in businesses that give back and make our neighborhoods stronger,” Elebash said. “Supporting small businesses isn’t just good for the economy; it’s good for the community.”

Click here to read the full report.

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