Pay it forward to small businesses this holiday season
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TIMESLEDGER | QNS.COM | DEC. 4-DEC. 10, 2020 13
BY SOPHIA KIM
Small businesses continue to feel
the grind of the pandemic and they’re
pounding the pavement for your support.
Which is why it’s more important
than ever to shop small this holiday season
by supporting small businesses.
The pandemic has wiped out small
businesses and they need a lifeline.
Washington has yet to achieve a solution
and to add to the uncertainty, President
Trump’s Treasury Secretary Steven
Mnuchin asked the Federal Reserve
to return unused coronavirus funds for
its emergency lending programs by the
end of the year, cutting off much-needed
liquidity from businesses, including the
Main Street Lending Program, during
a vulnerable economy.
That’s where you come in. This
holiday season, instead of buying from
a big-box retailer, support your local
small business. Small businesses are
nimble engines of the economy. In New
York City, 98 percent of businesses are
small and they employ nearly 3 million
New Yorkers or half of the city’s
workforce — a number that is being
decimated due to hardships related to
According to one study, if you spend
$100 at a local business, about $68 stays
in the local economy — supporting local
tax revenue used for much-needed
government services — compared to
shopping at a non-local business, where
roughly $43 stays in the local economy.
Not only do small businesses pack a
big economic punch, but small employers
also give back to the local community
by providing on-the-job training
to the people that live in your town,
encouraging new entrepreneurs. Let’s
not forget they also sponsor your local
Little League, too.
While controlling the virus is the
key to recover our economy, being a
patron at your mom-and-pop shop is a
gesture that could go a long way.
To uphold social distancing measures,
check if small businesses in your
neighborhood offer online shopping options.
If not, they’ll often provide curbside
pick-up or delivery. You can also
call to see hours of low customer footprint
to have peace of mind to shop with
little to no contact with people.
As small businesses continue to
shift and adapt during these turbulent
times, pledge your pocketbook to
the local bakeries, restaurants, bookstores,
boutiques and businesses that
are minority- or woman-owned as they
tend to generate lower income sales, according
to a Federal Reserve report. It’s
also noteworthy that research shows
supporting minority-owned businesses
helps to lessen existing economic inequality.
This action by you provides a measure
of relief for small business owners,
employees and their families but also
bands us together to strengthen the
unique fabric of New York during this
So, shop small, make it count this
Sophia Kim is a recent graduate of
New York University’s Robert F. Wagner
Graduate School of Public Service and
comes from a family of first-generation
immigrant small business owners.
Photo via Getty Images