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Small Business Saturday is Nov. 25. Here’s Why That Matters to the Lehigh Valley Economy

Published Monday, November 20, 2023
by Paul Muschick

 

The holiday shopping frenzy kicks off on Black Friday, but it’s the following day that’s the big one for many independent retailers.

Nov. 25 is Small Business Saturday, a day when people are encouraged to patronize their community’s locally owned businesses that play a bigger role in the economy than many may realize. 

About 84% of the business establishments in the Lehigh Valley have fewer than 20 employees. About 51% have fewer than five.

Small businesses are destinations for people to gather and buy products and services. They create jobs and offer experiences that drive the character of a community. The Lehigh Valley is home to downtowns flush with unique small businesses in AllentownBethlehemEaston, and many boroughs. That quality of life is a major economic asset of the Lehigh Valley because it attracts talent. The availability of a skilled workforce is a key driver in decisions where businesses relocate.

Not all small businesses are retailers and service providers. Many manufacturers are small, too. They can drive innovations, launching new technologies and products amid the Lehigh Valley’s rich entrepreneurial ecosystem.

There are several Small Business Saturday events in the Lehigh Valley on Nov. 25, including Emmaus, Easton, and Palmer Township.

Small Business Saturday was started in 2010 by American Express in response to small business owners’ most pressing need: getting more customers. The event is cosponsored by the U.S. Small Business Administration.

Consumers spent an estimated $17.9 billion at independent retailers and restaurants on Small Business Saturday in 2022, according to a survey commissioned by American Express.

Lehigh Valley Economic Development Corp. (LVEDC) supports small businesses through a variety of initiatives. It works with partners to encourage entrepreneurs, and collaborates with schools and colleges to design curriculum to develop the workforce.

LVEDC publicizes resources to help businesses get started, and it administers financing programs on behalf of the Lehigh Valley’s regional economic development organizations.

Small businesses get support from incubators such as Allentown Economic Development Corp.’s Bridgeworks Enterprise Center, Bethlehem Economic Development Corp.’s Partnership for Innovation facility, and Ben Franklin TechVentures at Ben Franklin Technology Partners of Northeastern Pennsylvania. 

(LVEDC photos (top) Mercantile Outpost at Easton Public Market and (bottom) Seth & Co. Special Brew in Easton) 

Tags:Entrepreneurship, News Releases, retail