Small Business Saturday

The Friday after Thanksgiving is Black Friday, and the Monday after is Cyber Monday. What about small business? The mayor of New York City and the American Express Chief Executive Kenneth Chenault are working together to create Small Business Saturday in NYC, the first Saturday after Thanksgiving reports Crain’s New York Business.

Mr. Chenault said American Express traditionally looks at small businesses as an indicator of the larger economy, and the message he’s received lately from owners is they need more customers. That prompted the idea of Small Business Saturday, he said, though he emphasized that the final goal will not be reached overnight.

“This is the start of a movement,” Mr. Chenault said. “We want to really get people in the local community heavily involved in driving this. This is not a flash in the pan; we are committed to this effort for years to come.”

To boost interest among small businesses and consumers, American Express will give $100 worth of Facebook advertising to 10,000 business owners who sign up for the program. The company will also give a $25 statement credit to 100,000 card members who register their card and use it at a small business on Nov. 27.

Mr. Chenault did not specifically define “small business” by revenue or number of employees, but said a local franchisee of a national company would still qualify. At present, all participants in Small Business Saturday must accept American Express cards, although Mr. Chenault welcomed his competitors in the charge card- and credit-card industry to join the initiative.

Photo by Tim

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