Local Retailers Hope for Big Returns on Small Business Saturday

Nov. 27, 2010— -- Now that the dust from Black Friday has settled in shopping malls and megastores across the country, small businesses are hoping for big returns on the country's first ever Small Business Saturday.

Firmly planted between Black Friday and Cyber Monday -- when online retailers offer huge sales -- Small Business Saturday was designed to encourage shoppers across the U.S. to support local merchants in their holiday shopping as a means of driving up local economies.

Over a dozen advocacies along with public and private organizations have joined American Express, the event's primary sponsor, to declare today Small Business Saturday and raise awareness about the importance of small business to local communities.

The event is not meant to discourage people from shopping at larger chains or online. Rather, its advocates hope to encourage consumers to dedicate a percentage of their holiday shopping budget to local businesses -- be it by having dinner at a local restaurant or buying gifts at neighborhood stores.

To support the cause, American Express is offering its cardholders the opportunity to earn a $25 statement credit on purchases of at least $25 on Small Business Saturday at locally owned independent small businesses.

"We wanted to be the catalyst for a movement for small businesses," Ken Chenault, Chairman and CEO of American Express said in a recent interview on NBC's "Today" show. "We all know how important small business is to our economy. Small businesses generated 60-80% of the net new jobs over the last decade."

"We really wanted to raise awareness and get people involved. We're all in this together we can make a difference. When you buy local and small business, you're creating jobs," Chenault added.