As retail giants like Amazon and Walmart gear up for Black Friday profits, Small Business Saturday is quietly gaining momentum as a champion for the nearly 32 million small businesses thriving on enthusiastic consumer spending and government support.
According to a recent American Express survey, 55% of small business owners believe that Small Business Saturday will significantly contribute to their overall holiday sales this year. In an October consumer survey by the company, half of the respondents expressed their intent to participate in Small Business Saturday, with an impressive 85% planning to prioritize shopping at small businesses during the holiday season.
Over the past 13 years, consumers have poured nearly $184 billion into Small Business Saturday, with last year’s campaign driving an estimated $18 billion in consumer spending, according to American Express.
Donnell Johns, from Veterans Growing America, an organization supporting veteran- and military-spouse-owned small businesses, emphasizes the value of Small Business Saturday in creating awareness for shopping small. He notes a visible increase in support for small businesses over the past few years.
For Ken Moorman, founder of Jirani Coffeehouse in Manassas, Virginia, Small Business Saturday translates to an average 10% increase in sales compared to a typical Saturday. Moorman, reflecting on the pre-COVID era, highlights the event’s resurgence last year and anticipates even more participation this year, emphasizing the crucial role small businesses play in the fabric of America.
Initiated by American Express in 2010 to encourage holiday shoppers to support local small businesses, Small Business Saturday has become a grassroots counterpart to Black Friday, often dominated by large corporations. The Small Business Administration (SBA) has co-sponsored the initiative since 2011, aligning with new federal data indicating a favorable time for independent entrepreneurs.
Elizabeth Rutledge, Chief Marketing Officer at American Express, underscores the company’s commitment to understanding and meeting the evolving needs of small businesses. Rutledge expresses hope that Small Business Saturday, along with this year’s interactive experience, will excite and engage shoppers across the country during the kickoff to the important holiday shopping season.
In a recent announcement, the SBA revealed an investment of nearly $50 billion to support American small businesses in fiscal year 2023. This includes $27.5 billion in 7(a) loans, the SBA’s core lending initiative, indicating a positive trend in the recovery of the somewhat vulnerable small business sector.
SBA Administrator Isabel Casillas Guzman emphasizes the administration’s dedication to simplifying and addressing persistent inequities in accessing capital. The SBA’s progress in supporting minority-owned businesses is evident, with notable increases in loans to Black-owned, Latino-owned, Asian American and Pacific Islander-owned, and indigenous American-owned businesses.
As Small Business Saturday approaches, the convergence of consumer support, government investment, and initiatives by American Express and the SBA underscores the resilience and importance of small businesses in the economic landscape.
Avinash Poojari is the owner of ComClone News website. He is an accomplished author specializing in the field of information technology. With a Master’s degree in Information Technology, Avinash hails from Mumbai. Passionate about researching breaking news, he is dedicated to providing accurate and up-to-date information to his readers.