NFIB has released its 2024 Small Businesses’ Contribution to the Community report, providing insights into how small businesses across New York contribute to their communities. The report is based on a nationwide survey of small business owners.
Ashley Ranslow, NFIB New York State Director, emphasized the importance of small businesses: “Small businesses are not only the engine of New York’s economy but are also the engine of local communities across the Empire State.” She noted that despite economic challenges such as high inflation and utility prices, Main Street businesses continue to support their communities through various means. Ranslow urged lawmakers to consider policies that facilitate easier operations for small entrepreneurs in the state.
The report highlighted several key findings regarding community involvement by small businesses:
Volunteering Time:
About 76% of business owners reported volunteering for community or civic groups, charities, youth sports programs, schools, religious organizations, or similar activities over the past year. Among these volunteers, 30% were very active and 47% moderately active.
Financial Support:
Financial contributions were identified as the most common method of community support among small businesses. Ninety percent of owners provided financial support to various community groups and activities within the last year.
In-Kind Contributions:
Sixty-three percent of business owners made in-kind contributions to community functions. Of those surveyed, 10% estimated their annual contribution value at less than $500; 18% valued it between $500-$999; and 42% contributed between $1,000-$4,999. Over a quarter contributed $5,000 or more annually.
Types or Groups of Activities:
Education-related activities received contributions from 72% of all small businesses surveyed. Sports-related activities followed closely with support from 66%.
Importance of Involvement:
Ninety-five percent of business owners felt their involvement in community activities was important for personal satisfaction and fulfillment. Eighty-two percent believed it was crucial for creating a better local business climate. When asked about making their community a better place to live, 92% acknowledged its importance with varying degrees.
For more detailed information and access to NFIB's full report on Small Businesses’ Contribution to the Community in 2024, interested parties can download it online.
