Having fewer resources doesn’t stop small businesses from donating time and money to support worthy causes.
According to a recent survey by Cherry Hill-based TD Bank, 73 percent of small businesses support their local community through charitable and communal causes. While 61 percent of businesses with $5 million or less in annual revenue provide $10,000 worth of charitable gifts, sponsorships, or volunteer time yearly, 16 percent provide $50,000 or more worth.
Thirty-seven percent of small business owners also encourage employees to volunteer in the community outside of work hours.
“Most small businesses, by their nature, are entrenched in their local cities and towns, serving as both an economic engine and a resource. Small business owners are local heroes,” said Head of Commercial Specialty Segments Jay DesMarteau in a statement. “It is commendable that so many business owners find ways to give back when they themselves can often be strapped for time or resources. Developing a mission statement for charitable giving or volunteering should be part of any long-term business plan, however, to ensure any strategy is viable for both the community and the business owner.”
The survey, conducted July 14 to 16 of 502 small business owners, found that they’re most likely to donate goods such as products or food (35 percent), money (29 percent), volunteer time (29 percent), or space for community events (12 percent). While 30 percent of small businesses donate to local charities and 29 percent donate to youth-based organizations like schools and sports teams, 18 percent each donate to religious organizations and the fire department, 16 percent donate to arts and music programs, and 14 percent donate to environmental causes.
For target causes, there’s a generational difference between the 35-and-under and 35-and-over crowd: Gen-Z and millennial small business owners are most likely to give money to youth-focused organizations, while their boomer counterparts are more likely to donate to established charities like the Red Cross.