Small businesses create more jobs, boost our local economy and grow our communities. By changing a few purchasing habits, we can all help strengthen the communities we live in.
October 16–22 was Small Business Week. It was a time to take note why small businesses are so important to our local economy and our communities.
Small businesses create local impact
Small businesses create more jobs. Approximately 90% of all employed Canadians work for a small or medium sized enterprise (SME) and about 95% of new jobs created over the last 10 years were created by these businesses.
Small businesses are essential for boosting our local economy. When you spend your money at a small business versus a large chain, 2.6 times more money is recirculated back into our local economy creating more jobs and prosperity right in our own backyard.
Small business owners are more committed to their communities. As local citizens, they are more likely to buy locally, hire local people, invest locally, and donate and volunteer in our community. Not only do they provide a market for local suppliers, as well as goods and services for local consumers, they care about the communities they live and operate in, and are often catalysts for bringing about change.
Small business and you
When you shop locally, not only do you create great relationships with the owners and workers in your community, but you strengthen the economic future of the place you live in. That’s good for you — your money does more than just make a purchase.
- Choose some small businesses you’d like to support. Make them your alternative to chain stores. If you have a smartphone, there’s even an app for that. The Local Frequency helps you find those local businesses.
- Tell your friends about local businesses that you know and love. Small businesses need to get the word out, and you can help.
Credit unions and small businesses go together
As a Manitoba credit union, Assiniboine Credit Union is a local business, and we are committed to strengthening our small business community through a variety of actions. As a business, our purchasing policies focus on buying from local small businesses — everything from catering to building maintenance to courier services.
To serve our small and medium-sized local businesses, we offer:
- Dedicated business and community account managers in two focus areas — our Business Financial Centre and our Community Financial Centre.
- Special loan programs that benefit business start-ups or expansions.
Small businesses are the financial cornerstones of your local community. By supporting them, we support not only the business itself, but our own financial well-being and the well-being of our neighbourhoods.