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When the local economy is strong, it contributes to the larger, broader economy in a positive way. Gabe Krajicek, CEO of Kasasa , said small business success means more local money and tax dollars ...
The definition of a local business is nebulous, but customers intuitively know the difference between a Main Street merchant and a big box retailer.
Local economic development (LED) is an approach to economic development, of note in the developing world that, as its name implies, places importance on activities in and by cities, districts and regions. Local economic development combines economic development activities, urban planning, infrastructure development and social development ...
For communities, spending at local independent businesses also generates more jobs and wealth in the local economy compared to spending at absentee-owned businesses, including corporate chains. [3] The goal of localisation is to reduce unnecessary transport, support entrepreneurism and to strengthen and diversify community economies. [4]
One study showed that small, local businesses are better for a local economy than the introduction of new chain stores. By opening up new national level chain stores, the profits of locally owned businesses greatly decrease and many businesses end up failing and having to close. This creates an exponential effect.
At the heart of America's growth and prosperity are small businesses. Small and mighty, these businesses are vital not only to our communities, but at a broader economic level. See Our List: 100...
“Small, locally owned businesses and startups tend to generate higher incomes for people in a community than big, non-local firms, which can actually depress local economies,” said Stephan ...
To strengthen local economy: Studies have shown that buying from an independent, locally owned business, significantly raises the number of times your money is used to make purchases from other local businesses, service providers and farms—continuing to strengthen the economic base of the community.