Small Business Saturday - November 28, 2020
WHAT IS SMALL BUSINESS SATURDAY?
Small Business Saturday® falls on the Saturday after Thanksgiving — November 28. In the age of Black Friday and Cyber Monday, it’s easy to skip over the mom-and-pop shop for the big box store or online retailer. But SBS sponsors hope you don’t forget about smaller neighborhood shops.
HISTORY OF SMALL BUSINESS SATURDAY
Oddly enough, American Express, a U.S. corporation with $37 billion in revenue in 2018, started Small Business Saturday in 2010. (Yes, most small retailers do accept credit cards.) The U.S. Small Business Administration (SBA) joined as a cosponsor five years later. SBS has become an important part of how many small businesses launch their busiest shopping season.
According to the 2018 SBS Consumer Insights Survey, total reported spending among U.S. consumers who said they shopped at independent retailers and restaurants on the day reached a record high of approximately $17.8 billion. The same survey reported that more than 70% of consumers are now aware of the Small Business Saturday initiative. Based on this annual survey over the years, SBS spending has now reached a reported estimate of $103 billion since the day began.
SBA, Women Impacting Public Policy (WIPP), and American Express hope to drive traffic and revenue to America’s 30 million independent businesses through Small Business Saturday events.
The U.S. Small Business Administration, created in 1953, helps Americans start, build, and grow businesses. It’s an independent agency of the federal government built to aid, counsel, assist and protect the interests of small business concerns, to preserve free competitive enterprise and to maintain and strengthen the overall economy of our nation.
Among other things, the SBA provides small businesses with access to capital, entrepreneurial development, government contracting, and advocacy. Perhaps most importantly, the SBA offers free counseling and low-cost training to new entrepreneurs and established small businesses in over 1,800 locations.