The Vital Role of Small Businesses in Our Communities

Small businesses are the backbone of our communities, offering unique products and services, creating jobs, supporting important causes, and contributing to the vibrant culture of our neighborhoods. Supporting these organizations is more than just a feel-good act—it’s an essential component of a healthy, thriving economy.

Why Supporting Small Businesses Matters

1. Economic Impact: Small businesses are a significant driver of the economy. According to the U.S. Small Business Administration, they account for 44% of U.S. economic activity. They create jobs, pay taxes, and stimulate economic growth. By supporting small businesses, you’re directly investing in the economic well-being of your community.

2. Job Creation: Small businesses are major employers, creating two-thirds of net new jobs and driving innovation and competitiveness. When you support small businesses, you’re helping to create and sustain local jobs.

3. Community Character: Small businesses contribute to the unique character of our communities. They often sponsor local events, support local sports teams, and participate in community activities. Their presence helps define the cultural and social fabric of our towns and cities.

4. Personal Connection: Unlike large corporations, small businesses often provide a more personalized customer experience. Developing relationships with business owners and employees fosters a sense of trust and community.

When you spend money at a small business, more of that money stays within your local community. This phenomenon, known as the “local multiplier effect,” means that your dollar has a greater impact when spent locally, circulating within the community and benefiting other local businesses and services.

How to Support Small Businesses

Supporting small businesses doesn’t always require a significant financial commitment. Here are several ways you can contribute:

1. Shop Locally: Make a conscious effort to purchase goods and services from local businesses. Whether dining at a neighborhood restaurant, buying from a local artisan, or hiring a local contractor, every bit helps.

2. Spread the Word: Word-of-mouth is powerful. Recommend your favorite local businesses to friends and family. Use social media to share positive experiences and leave online reviews.

3. Engage with Them: Follow local businesses on social media, subscribe to their newsletters, and participate in their events. Your engagement helps increase their visibility and attract more customers.

4. Be Patient and Understanding: Small businesses may not have the same resources as large corporations. Showing patience and understanding, especially during challenging times, can go a long way.

Deerwood Bank: Supporting the Community

At Deerwood Bank, we recognize the vital role that small businesses play in our communities. We are committed to supporting them through various services tailored to meet their unique needs:

1. Financing Solutions: We offer a range of financing options to help small businesses grow and thrive. From startup loans to expansion financing, we work closely with business owners to provide the banking solutions they need.

2. Nice and Simple Banking Solutions: Our banking solutions are designed with small businesses in mind. We offer convenient and flexible (and fee-free!) checking and savings accounts, online banking, and mobile banking services to simplify financial management.

3. Treasury Management Services: Efficient cash flow management is crucial for small businesses. Our treasury management services help businesses optimize their cash flow, manage payments, transfer money, and safeguard financial assets.

4. Expert and Experienced Support: Our team of Business Bankers is always ready to provide advice and support. We take the time to understand each business’s unique challenges and opportunities, offering personalized solutions and guidance.

As a local, small business ourselves, Deerwood Bank is proud to work with so many incredible small businesses and small business owners. It’s our privilege to hear their passion and dreams and help bring them to reality. Our team loves working with small business owners to maximize their financial position through their banking relationships. From financing and lines of credit to health savings accounts and treasury management services, we offer a comprehensive banking solution specifically for small businesses.

Supporting small businesses is a powerful way to contribute to the health and vitality of our communities. Let’s continue to champion these essential players in our economy and enjoy the unique offerings they bring to our lives.