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. For every $100 spent with a BC local business, $46 is re-circulated back into our BC economy (vs $18 for multi nationals). 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
This is because locally owned businesses circulate more dollars in the community compared to multinational organizations. How? Local businesses:
- Have owners live and provide jobs in your community
- Provide more support for local events, sports teams and charities
- Are more likely to buy local services and 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.
Local Owned businesses are:
- Private companies (ex. single owner or partnership, employee owned, co-operative or social enterprise/non-profit)
- Headquartered in BC
- > 50% of owners residing in BC.
Local Grown products are:
- Agricultural products grown in BC (ex. food, plants, fibre, wood)
- Manufactured products with >50% materials grown in B.C.
Local Made* products are:
- Wholly or largely (>50%) manufactured or processed in B.C.
*Can include products produced without local materials or ingredients. Local made products with local ingredients or materials can add “Local Grown” if applicable.