Local businesses enhance our community, connect and support us socially, and enhance wealth and employment by circulating dollars many times between businesses. Research shows that BC local businesses create more than double the economic impact of their chain competitors. They re-circulate 2.6 times more revenue in the local economy as chains:
- Local retailers re-circulate 45% compared to 17% for chains
- Local restaurants re-circulate 65% compared to 30% for chains
- Local suppliers (ex. office supplies) re-circulate 33% compared to 19% for chains
For every $100 spent with a BC local business, $46 is re-circulated back into our BC economy (vs $18 for multi nationals). This is because locally owned businesses circulate more dollars in the community compared to multinational organizations:
- Local business owners live and provide jobs in your community.
- Local businesses provide more support for local events, sports teams and charities.
- Local businesses are more likely to buy local services and can stock local products.
Spending with a local business has ripple effects that contribute to the growth and health of the communities in our province.
LOCO BC has developed a researched based definition of local business in BC. This definition is based on economic and other business impacts and are at the centre of the BC Buy Local campaign. When asking ‘what’s local’, follow these guidelines.