WASHINGTON, D.C., November 25, 2019 -- The National Women’s Business Council (NWBC), a non-partisan federal advisory committee that serves as an independent source of advice and policy recommendations to the President, Congress, and the Administrator of the U.S. Small Business Administration on issues that affect women business owners and entrepreneurs, is calling upon the public to participate in this year’s Small Business Saturday (November 30) and support small businesses of all kinds.
After eight years of celebrating Small Business Saturday, consumers have invested about $85 billion in small businesses, and these firms comprise $4.8 trillion of the nation’s Gross Domestic Product according to the Small Business Economic Impact Study (AMEX).
The study also found that when a consumer shops at a local business, an average of 67 cents per dollar stays within the local economy unlike an average of 43 cents for large corporations. Small businesses also employ many residents from the local community, thus increasing their community’s overall economic growth through higher profits and lower unemployment. Consumers’ local impact during the busy holiday shopping season can be a game changer. Further, every dollar spent at small businesses creates an additional 50 cents in local business activity as a result of employee spending and businesses purchasing local goods and services.
The National Women’s Business Council is the federal government’s only independent voice for women entrepreneurs and fully understands the importance of this day. The Council has been committed to advocating for women-owned businesses for the past three decades.
According to The State of Women-Owned Businesses Report, there are nearly 13 million women owned firms in the U.S. accounting for 42% of all businesses. That means 4 out of every ten businesses in the United States are now women-owned. Consumers should shop local women-owned firms on Small Business Saturday to ensure continued economic growth for women entrepreneurs.
“Women-owned small businesses are on the rise, and the smart entrepreneur recognizes the impact that days like Small Business Saturday have on their economic growth,” said Liz Sara, Chair of the NWBC. “At NWBC, we remain committed to ensuring that this special day makes a difference and continues to benefit the estimated 13 million women-owned businesses across the country.”