Small Business Saturday Planned for November 27

U.S. Consumers Encouraged to Join the Movement and Spread the Word

First there was Black Friday, then Cyber Monday. Now, on November 27, comes Small Business Saturday, a day to support the local businesses that create jobs, boost the economy and preserve neighborhoods around the country. Small Business Saturday is a national movement to drive shoppers to local merchants across the U.S.

Joining American Express OPEN, the small business unit of American Express, in declaring the Saturday after Thanksgiving as Small Business Saturday, are an initial group of more than a dozen advocacy, public and private organizations. To support Small Business Saturday, American Express has launched a comprehensive national advertising campaign that includes a heavy Radio component.

Small businesses are critical to the nation's overall economy. According to the U.S. Small Business Administration, there were nearly 28 million small businesses in the United States last year. Over the past two decades, they created 65 percent of net new jobs. Their importance to local communities extends even further. For every $100 spent in locally-owned, independent stores, $68 returns to the community through taxes, payroll and other expenditures, according to the small business advocacy group The 3/50 Project.

"Small business is the engine of job creation in the US economy," said Kenneth I. Chenault, chairman and chief executive officer, American Express. "It is also among the sectors hardest hit by the recession. By spreading the word about Small Business Saturday, we can help raise awareness about the critical role small businesses play in cities and towns across the country at a time when they need support the most."

"Small businesses are the backbone of our economy and the glue that holds communities together, and we've always sought new ways to support them -- something that became even more important when the national economic downturn began," said New York City Mayor Michael R. Bloomberg. "When Ken Chenault told me about his idea for Small Business Saturday, I jumped at the opportunity to participate. We've all heard about Black Friday and Cyber Monday. This year, if you have the opportunity to shop on the Saturday after Thanksgiving, make it a point to visit local small businesses. It really can make an enormous difference for merchants trying to succeed."

"When we invest in small businesses, we are investing in Main Streets -- the places that give our towns and cities a unique sense of place," said Stephanie Meeks, president of the National Trust for Historic Preservation, which includes the National Trust Main Street Center. "By celebrating Small Business Saturday and shopping at independent businesses, everyone can play a part in strengthening our economy and supporting revitalization on our Main Streets."

(Source: American Express, 11/08/10)