May is Small Business Month. If you are a business owner, we tip our hats to you. It takes courage, drive, and vision to start and run your own business. At Flagstar, business stays personal. We learn about your business so we can provide tailored banking solutions to help your business grow and thrive. We have special savings to celebrate small businesses, too. Call or stop by a branch to see what it means to have the right financial partner on your side—and save money doing so.
For the rest of us, Small Business Month is the perfect time to rediscover quality products and personalized service along with the shops, restaurants, and cafes that make your community unique. Want to make a difference in the economy? Shop local. You’ll create a ripple effect that extends far beyond a single purchase.
How small businesses make a big impact
Small businesses are the backbone of a thriving community. Here’s how they make our towns and cities better:
- They create the most net new jobs. And have for years, according to the U.S. Treasury. Local jobs call for local hires, and around three-fourths of small biz employees live within 10 miles of work.
- More money stays in the local economy. When you spend $100 at a local business, $68 stays within your community. The number plummets to $43 with a large retailer.
- They boost civic engagement. Small business owners support local teams, schools, festivals, and events. They serve on the chamber of commerce and donate 250% more to community causes than their big box counterparts.
How you can support small businesses in your area
Ready to make a difference? These small acts go a long way to support local businesses and your community:
- Start small. Buy your produce at a farmer’s market or plan an all-local excursion with friends. Start with a cold brew at the locally owned coffee shop, then see what you can discover at local retailers.
- Spread the word. Let friends and family know about a favorite local place and leave a positive review online. Follow the business on social media, then share and comment on their posts so others will see them.
- Purchase gift cards. Give the gift of local exploration so others can find neighborhood gems they might otherwise miss.
- Think beyond retail and restaurants. Consider local professionals for your service needs. Accountants, housecleaners, plumbers, consultants, personal trainers, and many others keep money in the community, too.
- Stay connected. Subscribe to the business’s newsletter so you can learn about—and share—new products and special offers.
