The City of Salem, Virginia has declared November 25, 2023 as Small Business Saturday. This day is set aside to celebrate local small businesses and their contributions to the local economy and community. The U.S. Small Business Administration states that small businesses represent 99.7% of firms with paid employees, responsible for 62.7% of net new jobs created since 1995, and employ 46.4% of employees in the private sector in the United States.
Small businesses have a significant impact on the local community, with sixty-eight cents of every dollar spent at a small business staying in the community. Additionally, every dollar spent at small businesses creates an additional forty-eight cents in local business activity due to employees and local businesses purchasing local goods and services.
The City of Salem supports these businesses as they create jobs, boost the local economy, and preserve communities. Advocacy groups, as well as public and private organizations across the country have endorsed Small Business Saturday as a way to encourage consumers to support these independent merchants on the Saturday after Thanksgiving.
Mayor Renee Ferris Turk urges residents to support small businesses on Small Business Saturday and throughout the year by shopping locally whenever possible. By doing so, we can help our communities thrive while supporting entrepreneurs who are passionate about creating unique products and services for their customers.