Good Brigade/Digital Vision/Getty Images
An employee is checking inventory at a small store.
While retail giants such as Amazon and Walmart are hoping for big profits on Black Friday, less-watched small businesses Saturday are riding a wave of frenzied consumer spending and solid government investment, with around 32 million yen expected. Looking to continue the winning streak for small businesses.
According to a new American Express survey of small business owners, “55% expect Small Business Saturday to make a significant contribution to overall holiday sales this year.” The survey found that half of respondents said they planned to participate in the upcoming Small Business Saturday, and 85% said they expected to shop small this holiday season.
The company reports that over the past 13 years, consumers have spent nearly $184 billion on Small Business Saturdays. In a survey conducted by American Express after last year's Small Business Saturday, 72% of shoppers said the campaign made them want to shop and eat at small independent retailers year-round. did. American Express estimates that Small Business Saturday boosted consumer spending by nearly $18 billion last year.
Donnell Johns, who runs Veterans Growing America, an organization that supports small businesses owned by veterans and military spouses, said Small Business Saturday is valuable because it raises awareness about shopping small. He said that there is. “Over the last few years, we've definitely seen an increase in the number of people supporting small businesses,” he says.
For Ken Moorman, founder of Jilani Coffeehouse in Manassas, Virginia, Small Business Saturday means an average 10% increase in sales compared to a typical Saturday.
“Prior to COVID-19, (Small Business Saturday) was a big success, but it started picking up last year,” Moorman said, adding that even more participation is expected this year. “We all know that small businesses are the heart of America. Once a year, it's nice to remind everyone, 'Don't forget about this little guy.' ”
American Express established the Small Business Saturday campaign in 2010 to encourage holiday shoppers to support local small businesses. It has become a personal event, as opposed to Black Friday, which is often dominated by large national and multinational corporations. The Small Business Administration has co-sponsored this effort since 2011, and new federal data shows this year's holidays are an especially good time for small independent entrepreneurs.
“American Express has long been a champion of small businesses, deeply understanding them and working to meet their evolving needs. Through our campaign, we also understand the impact that Shopping Small has on supporting local communities,” Elizabeth Rutledge, chief marketing officer at American Express, said in a news release last week. “We hope this year's interactive experiences with Small Business Saturday will excite and engage shoppers across the country at the start of the important holiday shopping season.”
In a news release Tuesday, the SBA announced it has invested nearly $50 billion to support U.S. small businesses in fiscal year 2023. The SBA said it supported $27.5 billion in 7(a) loans.the Core lending initiatives. In total, the SBA backed more than 57,300 7(a) loans and guaranteed up to $5 million per loan. As an indication of the somewhat vulnerable situation of small and medium-sized enterprises, The sector is recovering, and 7(a) lending is now above pre-pandemic levels.
“Starting and running a business takes a lot of grit and determination, but it also takes capital. Too many enterprising Americans have historically gotten it at fair and affordable prices. “We were unable to do so,” SBA Administrator Isabel Casillas Guzman said in a statement Tuesday. “The Biden-Harris Administration remains committed to simplifying and addressing persistent inequities in access to capital so that all small business owners have the funding they need to grow our economy and create jobs. …As we build on our progress, the SBA continues to prioritize “reforms that will help level the playing field to foster the small business boom fueled by Bidennomics.” ”
The SBA also said it has made progress in supporting minority-owned small businesses over the past year.
The number and amount of loans to Black-owned businesses have doubled under the Biden administration, according to new federal data. In fiscal year 2023 alone, the SBA guaranteed 4,700 of these loans, totaling $1.5 billion. In addition, 7,700 loans were made to Latino-owned small businesses, 7,500 loans were made to Asian American and Pacific Islander-owned small businesses, and 7,500 loans were made to Native American-owned small businesses. There are 500 loans available.
The SBA also supported $5 billion worth of loans to women-owned businesses and $1.2 billion worth of loans to veteran-owned businesses.