Small purchases put money back in Montana families’ wallets | Regional

Small purchases put money back in Montana families’ wallets |  Regional

The Livingston News Improvement District (LBID) says when you shop local, your dollar has quadruple the effect on Livingston’s economy. By state, only Wyoming has a higher share of establishments with fewer than 20 employees, at 91.3%. Montana’s share of small business is 91.2% of all establishments. LBID says local businesses support local causes 250% more than corporations and you create jobs that maintain the small town unique charm.

According to Fundera.com, 20% of small businesses fail in their first year, 30% of small business fail in their second year, and 50% of small businesses fail after five years in business.  Montana has 106,789 small businesses, according federal data.

70% of small business owners fail in their 10th year in business. The Montana Department of Labor and Industries release report says 97% of businesses in Montana are small by the Small News Administration definition, meaning less than 500 employees, 94% are small based on 50 employees or less.

Chamber of commerce across the state of Montana are pleading with people to spend money locally this Christmas season as opposed to nationally to help keep local businesses open and the lights on.

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