A British Columbia-based minister has launched an initiative with the goal of helping small businesses survive COVID-19 pandemic financial hardships.
The project called the Big Spend wants to help revive the local and greater Canadian economy with the power of the pocketbook.
The initiative, founded by Tim Schindel of Victoria, B.C., an ordained minister with over 30 years of pastoral experience, is encouraging Canadians to make one or more intentional purchases at a local small business on July 25 across the country.
“Research in Canada and the U.S. has shown that money spent with local business generates almost five times more revenue than larger corporate competitors. For example, a study conducted in British Columbia found that, for every $100 spent with a BC local business, $63 was re-circulated back into the BC economy (vs $14 for multinational corporations). That means they re-circulate 4.6 times more revenue in the local economy,” explains the TheBigSpend website.
The economic shutdown caused by COVID-19 pandemic has had an overwhelmingly negative impact on small businesses. According to Statistics Canada, reported in May, small businesses were more likely to report that their revenues from the first three months of 2020 were down by 20 per cent compared to the same period in 2019 as compared to businesses with 100 or more employees.
Locally businesses have been striving to make money with some being forced to close.
The Big Spend is encouraging Canadians to buy local to activate what economists call the multiplier effect. When residents buy local more money stays in the region. This promotes job growth, a thriving economy, and a progressive community.
The goal of The Big Spend is to have at least one-million Canadians participate. To join, make one or more purchases at a local small business on Saturday, July 25, 2020.
Here is how to join and show you made a difference for local businesses:
Participants are being asked to report how much they spend, so it can be added to a list that tracks the target https://thebigspend.com/. Participants are also encouraged to share on social media using #TheBigSpend or @TheBigSpend to encourage others to do the same.