State launches #ShopLocalColorado to promote local holiday spending
Governor Polis and the Colorado Office of Economic Development and International Trade (OEDIT) have announced #ShopLocalColorado to support Colorado small businesses in advance of the holiday shopping season. Shoppers can visit the Shop Local Colorado website to see a list of shop local campaigns in communities across Colorado.
Colorado’s small businesses, entrepreneurs and restaurants are an economic engine for so many communities across Colorado and while the pandemic has created unique challenges, we are resilient and will build back stronger,” said Governor Jared Polis. “I encourage every Coloradan to shop local this holiday season and purchase superior grown in Colorado and made in Colorado products so we can support our small businesses that create local jobs, strengthen our communities, and fuel our economic momentum.”
There are more than 611,000 small businesses in Colorado, representing more than 99% of Colorado businesses. Small businesses in Colorado employ more than 1.1 million Coloradans, or nearly 50% of the Colorado workforce. Firms with fewer than 100 employees have the largest share of small business employment.
“As a former small business owner, I know how important local participation is to business success and sustainability. That’s doubly true today as small business owners retool and reimagine their business models to safely serve customers. When we shop local this holiday season, we receive the best of Colorado goods and services while giving the vital support that sustains local jobs and businesses. By shopping local, our spending helps our neighbors and our economy,” said OEDIT Executive Director Betsy Markey.
According to the Small Business Administration, when you shop locally, 70% of spending stays in the local economy, whereas only 40% remains when shopping non-locally. This means if you spend $100, your community keeps $70. This increases local tax revenues, used to support schools, police, fire stations, roads and more. Local businesses also utilize other local businesses such as marketing, accounting and printing, further impacting the local economy.
Everyone in Colorado is encouraged to participate in the campaign by posting on social media and using the hashtag #ShopLocalColorado. Small businesses can also print out flyers to put up around neighborhoods and shops, and update their cover photo by accessing the #ShopLocalColorado Social Media Toolkit.