New research by the NFIB Research Center highlights the significant role small businesses play in their communities. While state-specific data is not available, NFIB State Director Julia Hammond emphasized the importance of small businesses in Virginia's economy.
"Virginia’s economy is built on its small businesses," Hammond stated. "Beyond the economic impact of the businesses themselves, small business owners give back in so many ways, donating their time and resources to helping their communities."
The 2024 Small Businesses’ Contribution to the Community report provides insights into this community involvement:
- Approximately 76% of small business owners volunteered for civic groups, charities, youth sports programs, schools, religious organizations, or similar activities over the past year.
- Financial support was prevalent, with 90% of small business owners donating money to local groups, charities, youth sports teams, schools, or religious organizations.
- Sixty-three percent made in-kind contributions such as donating meeting spaces, excess inventory, or auction items to raise funds for various causes.
The report focuses on NFIB members' involvement and offers a nationwide perspective on how these enterprises contribute locally. Most NFIB members employ between one and nine people and have annual sales around $500,000.
"When you support local businesses, you’re investing in the community," Hammond noted. "That’s why we need to shop local this holiday season and throughout the year."
