Throughout 2016, the Small Business Credit Survey researched several business markets across over 10,000 firms and over 200 Local First Arizona businesses. Amazingly, all of the firms associated with Local First Arizona did substantially better than their competition in the areas of revenue, profitability, and employment.
A huge part of the success of Local First Arizona businesses may be due to network of regional banks and credit unions that are local to business locations. Local banks and credit unions are more likely to extend credit to businesses owned by local residents and investors may be more inclined to invest in a business that they can walk into and see firsthand its success.
Erica Fetherston, Communications Director for Local First Arizona stated that “For Local First Arizona, we have maintained that the solution to increasing access to capital has been through support of local banks and credit unions, as they are more likely to lend to local businesses.”
The “buy local and do business local” values that Local First Arizona has demonstrated to the local residents resonates with their sense of pride for their hometown shops and services.
Ty Largo, CEO of Awe Collective, said that local business is becoming a “stronghold” in the region and that consumers trust them because they trust local business.
Not only do residents trust local businesses more, but they understand that the best way to improve their local community is to boost business that generate taxes that will trickle right back into their neighborhood.