Why You Should Thank a Local Business

They say that when you buy from a small business, an actual person somewhere does a happy dance. Whether or not that is true is rather hard to prove. But the sentiment remains - small businesses appreciate your patronage.

However, don't be misled - small businesses just might be doing MORE for you than you are for them.

Small businesses are the backbone of the U.S. economy and sustaining forces in local communities.

According to the U.S. Small Business Administration Office, there were 996,693 small businesses in Ohio in 2022, which accounted for 99.6% of Ohio businesses. Those small businesses employed 2.2 million people or 44.7% of all Ohio employees.

And small businesses assist in keeping local dollars local. By supporting small businesses, you cycle money back into your community. The tax revenue made through sale taxes from local businesses supports the local government, which is then used to reinvest in the community.

Also, small businesses are known to play a significant role in supporting local community charities and causes. Many don't realize that small businesses donate 250% more than large businesses to local nonprofits and community causes, creating a positive cycle of giving back locally. This includes local charities, youth organizations, local first responders, local service groups, and more. Because local businesses benefit from a strong community, the owners tend to be more engaged members of the community themselves.

Even the environment benefits from small businesses. Think about it - when you shop locally, you are reducing your carbon footprint. According to Forbes, a local small business tends to make more local purchases, which require less transportation (less pollution and congestion). Additionally, since they are set up in a town or city, it will generally reduce traffic, habitat loss, and resource depletion.

May is Small Business Month, a special celebration month created by the Small Business Administration (S.B.A.) to celebrate small businesses. Derrick Bailey, CEO of Telhio Credit Union, the top SBA lender among credit unions in the state of Ohio, is encouraging everyone to take a moment to thank a small business owner or support a local business.

"Entrepreneurs are the heroes in our local economies," he said. "They are the risk-takers who are so committed to their communities that they plant their roots there. They meet demands and they create jobs while also giving back. They support us as much as we support them."

Telhio is proud to partner with small businesses around the state and encourages everyone to always support small and local businesses.