We all know that the holidays are a time of giving. We give to our families, our friends, our places of worship, and our favorite charities. The list goes on. For many of us in metropolitan Washington, this also means giving back to our community.
If you shop locally at small businesses, you are doing just that — supporting our community!
While this may seem like a small step, it’s actually a big one. After all, small businesses drive our local economy by creating jobs and employing local residents, all the while putting money back to work in our community. That’s because for every $100 spent at a locally owned business, $45 goes back into the community and the local tax base.* That’s no small chunk of change. Plus, I’m sure you’ll be able to get some unique local gifts out of the transaction. It truly is an easy win-win.
Why are we at EagleBank encouraging consumers to Go Local this holiday season with their spending? Simple. We want Main Streets in DC, Maryland and Virginia to succeed. So as we enter the heart of the holiday shopping season, EagleBank encourages you to Shop Local.
EagleBank lends locally. It’s what we do. We put local deposits to work right where they belong—in our community. We are part of that symbiotic relationship between capital and community—helping small businesses succeed every day in our hometown. In fact, community banks with less than $10 billion in assets – like EagleBank – provide nearly 60 percent of small business loans between $100,000 and $1 million. Our average size loan to an operating business is around $600,000. By lending to local entrepreneurs and small businesses, EagleBank helps our Washington area community thrive and local businesses succeed. We bank local. And hope you do too.
So go ahead and spread some holiday cheer locally this year. By doing so, you’ll be able to cross items off of your shopping list and make a lot of folks happy—all the while reinvesting in this community we call home … helping it prosper during the holidays and well into the New Year.
*Source: The Economic Impact of Locally Owned Businesses vs. Chains: A Case Study in MidCoast Maine, The Institute for Local Self-Reliance and Friends of MidCoast Maine, September 2003