CHARLOTTE AMALIE, St. Thomas, U.S. Virgin Islands – November 27, 2024 – The Virgin Islands Economic Development Authority (VIEDA) continues to join the nation in inspiring communities to shop local at small businesses on Small Business Saturday – November 30, 2024 – one of the busiest shopping weekends of the year historically.

Small Business Saturday, which is held on the Saturday after Thanksgiving, was founded in 2010 by the American Express Company (hereafter “AMEX”), to highlight small businesses to potential customers during one of the year’s biggest shopping weekends. This movement also encourages individuals across the country to support local, small businesses as they continue to contribute towards economic growth. The VIEDA joined this movement by becoming a Neighborhood Champion of Small Business Saturday.

“As a Neighborhood Champion of Small Business Saturday since 2016, our team at the VIEDA continues to support small businesses this holiday season and through the economic development programs we offer all year ‘round,” said VIEDA CEO Wayne L. Biggs, Jr. “Supporting small businesses must always be viewed by our community as an important part of economic development. Our small businesses need our support during these times now more than ever to help ensure these businesses thrive while our community receives the services and merchandise it needs and can enjoy in our Territory,” added VIEDA CEO Biggs, Jr.

The AMEX SBS Neighborhood Champion Program consists of small businesses, business associates, local Chambers of Commerce and other community organizations that are advocates of Small Business Saturday.

On AMEX Small Business Saturday, small-business owners can showcase and sell unique products and services while they build relationships with new and existing customers. Shopping at local, small businesses also allows small-business revenues to circulate within a community.

The VIEDA is rallying the USVI community to shop local is through the VIEDA’s Economic Development Bank (EDB) by distributing Shop Small promotional bags with VIEDA informational items and Shop Small items to local small businesses. The EDB team will also host a free webinar on Wednesday, December 9, 2024 at 10AM on the State Small Business Credit Initiative (SSBCI) programs (SSBCI version 2.0) administered in the USVI. Interested persons are encouraged to learn more and register for this webinar at www.usvieda.org.

Amid current inflation, a new survey from Bankrate states that 33 percent expect to spend less in 2024 than in 2023, and 34 percent say inflation will change how they shop. However, according to an article in Forbes magazine in mid-November 2024, shoppers are opting to shop on Small Business Saturday over Black Friday as they 1) choose quality over quantity, 2) environmental sustainability, 3) crave service after the sale, 4) desire to enjoy the experience, and 4) want to start off the holiday season by shopping small.

After its launch in 2010, Small Business Saturday was supported in 2011 by the United States Senate which unanimously passed a resolution of support for Small Business Saturday. Former United States President, Barack Obama, along with mayors and governors across the U.S., championed the day in 2012.

In 2013, individuals and local organizations pledged to join the effort and became Neighborhood Champions of Small Business Saturday.

To learn more about Small Business Saturday, visit http://www.shopsmall.com.

“The Bryan-Roach Administration is investing in the Territory’s people, infrastructure and future through transparency, stabilizing the economy, restoring trust in the government and ensuring that recovery projects are completed as quickly as possible. Visit http://transparency.vi.gov .”