American Express has proclaimed November 27th “Small Business Saturday”. Despite the cliche move of inventing random holidays to market one’s own brand, the article does highlight several reasons why the “going local” movement has been gaining steady momentum.
According to a study by the 3/50 project, $68 out of every $100 spent at a local business will be recycled back into the community as opposed to only $43 when money is spent at national chains. This is due to the fact that local businesses tend to purchase from other local suppliers as well as increasing the overall tax base.
In addition, local businesses tend to be more involved in supporting community organizations, creating a virtuous cycle. By making the decision to shop at these businesses, consumers are also indirectly supporting many of these organizations that benefit.
Cofolio believes in the importance of creating sustainable local communities. By joining Cofolio, individuals like you are able to not only eat local and buy local, now you can invest local as well.