Why Doing Business & Shopping Local is Better for the Economy

Giant businesses and big box retailers across the U.S. are closing their doors because consumers are shouting “local, local, local.” While you may end up spending a few extra dollars at the neighborhood boutique down the street, what you don’t know is that those few extra dollars will actually stay local, circulate faster within the community, and help create more local jobs. Thinking outside the big box strengthens the economy and supports and sustains the local community.

The “Shop Local” movement has gained momentum over the past several years, and for good reason. Here’s what shopping native does for the economy (Source: Huffington Post):

  • Local businesses generate 70 percent more local economic activity than big box retailers.
  • Local businesses produce an annual return of $326 per square foot, while big box stores generate a net annual deficit of $468 per square foot.
  • Money spent at local businesses generates three and a half times more wealth for the local economy compared to money spent at chained-owned businesses.
  • If every family in the U.S. spent an extra $10 a month at a locally-owned, independent businesses instead of a national chain, over $9.3 billion would be directly returned to our economy.
  • Local businesses are more likely to give back to your community.

If you shop local, why not bank local? Your local credit unions operate in the best interest of their members and offer the same services as big banks. Credit unions pledge to:

  • Offer the same service at a lower cost
  • Put your money to work growing your local economy
  • Keep their decision-making local
  • Back institutions that share a commitment to your community
  • Support productive investment

One of the biggest differentiators to doing business locally is that these businesses actually give back and get involved in the community. Telhio is an active partner in an effort to enhance both the economic and social well-being of members and the communities in which they live.

Telhio is dedicated to contributing to local events and supporting local and national organizations that benefit local causes, such as the Ronald McDonald House, See Kids Dream, Franklin County Children’s Services Holiday Wish, Nationwide Children’s Hospital, St. Jude Children’s Research Hospital, and many more. This year, Telhio is excited to be a sponsor of the Columbus Food Truck Festival August 18 and 19.

At Telhio Credit Union we are also here to help your small business succeed. Contact us or stop in your neighborhood Telhio to see what opportunities we have for your small business.

Telhio is open to anyone who lives, works, worships or goes to school in Franklin, Fairfield, Delaware, Licking, Madison, Pickaway, Union, Hamilton, Warren, Butler and Preble counties. This credit union is federally insured by the National Credit Union Administration. Additional coverage up to $250,000 provided by Excess Share Insurance Corporation, a licensed insurance company. Copyright 2003-2017 Telhio Credit Union, 96 N 4th Street, Columbus OH 43215. All Rights Reserved. Deposit accounts at different divisions are part of Telhio Credit Union. Deposits held at each office are not separately insured. NMLS #251831.