The National Federation of Independent Business (NFIB) has published its 2024 report on small businesses' contributions to their communities. The report is derived from a nationwide survey of small business owners, offering insights into the various ways these enterprises support their local areas.
Holly Wade, Executive Director of the NFIB Research Center, stated, "Small businesses contribute to the community in a variety of ways including donating time, financial support, and making in-kind contributions in addition to providing jobs." She emphasized that despite economic challenges, small businesses are committed to enhancing their communities.
The report highlights several key findings:
Volunteering Time: Approximately 76% of business owners have volunteered for community or civic groups over the past year. Of those who volunteered, 30% were very active and 47% moderately active.
Financial Support: Financial backing was identified as the most prevalent form of community support by small businesses. Ninety percent have financially supported local organizations in the last year.
In-Kind Contributions: Sixty-three percent provided in-kind contributions. Ten percent valued these at less than $500 annually, while 18% estimated between $500-$999 and 42% between $1,000-$4,999. Over a quarter contributed $5,000 or more, with 14% exceeding $10,000.
Types or Groups of Activities: Education-related activities were supported by 72% of small businesses, making it the most common area of contribution. Sports activities followed closely with 66%.
Importance of Involvement: A significant majority (95%) reported that community involvement is important for personal satisfaction and fulfillment. Additionally, 82% believe it enhances the local business climate. When asked about improving their community's livability through such involvement, 92% deemed it important to some extent.
To access NFIB’s full report on small businesses' contributions to their communities in 2024, further details can be found online.
