Top 5 reasons credit unions should encourage shopping locally

Credit Unions were established in the mid-1800s to support local communities and have been operating under the same philosophy ever since. Because credit unions are owned by their members and operate as a non-profit, credit unions are able to serve their local community with lower loan rates and higher interests of deposits to their members. Today, the shop local movement is sweeping the nation and it perfectly aligns with the Credit Union business model of people helping people. Here are 5 reasons why shopping locally is beneficial for your community:

  1. Chain Drain: AMIBA (American Independent Business Alliance) conducted several studies in cities across America to better understand the impact shopping locally has on communities. Their results indicated that between 45%-58% of a local business’ profit stays in a community, versus only 13%-33% of a national business’ profit when consumers choose a local business.
  1. Stand out from the crowd: Local businesses help communities stand-out by provide a unique shopping experience compared to national chains. Their personal touch adds to the character of the community while creating a one-of-a-kind experience that attracts tourism dollars, entrepreneurs, and new investments.
  1. Expertise with a Passion: Local business owners usually go into business because they are passionate about the service or product they provide. Their expertise and customer service is unmatched compared to employees or managers of national chains. Business Insider reports that 77% of local business owners are happier than the average worker.
  1. Main Street or Mega-Mart: Local businesses fuel the community with job opportunities with sometimes even better wages and benefits than national chains. While providing employment options, local businesses are also building the character of the neighborhood. National chains drain the economy of this unique character that makes each community a great place to live.
  1. Variety is the spice of life: The New Economics Foundation (NEF) uses the term “Clone –Towns” when Main Street turns into a cookie cutter resemblance of other Main Streets with the same fast-food and retail chains. Having a wider variety of local businesses creates distinct, unique communities. Don’t lose your community identity, shop local and retain your local flavor.

Learn more by watching the full webinar, Commerce Where It Counts, presented by Buzz Points a merchant-funded rewards program that supports local credit unions and their communities and CUNA Strategic Services, and exclusive CSS strategic alliance provider for the Buzz Points reward program.

Holly Watson

Holly Watson

Holly Watson brings 5 years of experience to the small business marketing and online communication field. Prior to Buzz Points Holly managed the marketing communication and events for a local ... Web: buzzpoints.com Details