A walk down Main Street today might feel like a nostalgic exercise, considering national market shares of locally-owned retail stores have declined 11%. But small businesses are the pulse of the local and national economy. For more than a decade, small businesses created 65% of all new jobs, and currently employ a little over half of all workers in the United States.
Beyond providing more unique goods and services than big-box stores, independent businesses shop locally themselves. In a case study in Salt Lake City, Utah, researchers found local retailers invested 52% into the local economy, while big chain retailers only returned 13.6%.
A small business can make a big difference in a city’s economy. On Deck Capital short term business loans can help kick-start small business dreams. If you’re not looking to get into business, spreading the word for independent storefronts is an easy price to pay for having local vendors who not only provide exemplary goods and services, but also keep hard-earned dollars in the local economy.
On Deck is a technology powered Main Street lender dedicated to delivering capital to small businesses nationwide. To date, On Deck has delivered over $400 million to small businesses across the country, and was recently named by Forbes to their annual list of “Most Promising Companies in America.”