Letter to the Editor: Support Westport's Small Businesses

To the Editor:

Westport’s New England charm draws many residents and visitors here, but it is small businesses that make up the lifeblood of its economy. Residents should patronize these businesses because shopping locally year-round keeps local economies strong and resilient.

According to the U.S. Small Business Administration (SBA), there are over 28 million small businesses in America, providing 55 percent of all jobs and accounting for 54 percent of all sales. In Westport, a walk down Saugatuck Avenue reveals how important they really are.

Neighborhood retailers offer products and services that meet the specific needs of our communities and then recycle that spending back into the local economy. According to research firm Civic Economics, for every $100 spent at local small businesses, $68 stays in the community.

Small business also creates many jobs for local residents and contributes to keeping unemployment among the lowest in the state. Statewide, small businesses employed 721,350 people or 49 percent of the private workforce in 2013, according to the SBA.

Wonderful examples of local entrepreneurs in our own backyard include Tutti’s, a family-owned restaurant serving delicious homemade Italian cuisine since 2002, and Westport Anti-Aging that has provided skincare services since 2004, both of which have exerted considerable years, talent and resources to build long-term relationships with clients and cater to local customers’ needs.

As important as it is for consumers to make the conscious choice to shop locally, government leaders, financial institutions and other decision-makers need to help further create a climate that encourages independent businesses to open and thrive.

Small business owners typically wear many hats: running operations, supervising staff, maintaining a balance sheet, ensuring licensing and permits are updated, and so much more. Simplifying their financial lives shouldn’t be an added burden.

As a community bank with a branch in downtown Westport, Patriot’s local bankers prioritize getting to know small business owners and their companies so that when business challenges arise, a team is already in place to find creative solutions and financial arrangements that make sense.

Educational resources that provide guidance for business owners to grow and expand their companies are also vital. Along with resources we offer at a local level, the SBA celebrates small business by regularly offering events and webinars about how to access capital, reduce costs, retain employees and market effectively.

Everyone in this community has a stake in ensuring Westport’s small business community succeeds. Residents should make buying local a priority, financial institutions can offer expertise and public officials should support policies that encourage small businesses to open.

Kenneth Neilson
President & CEO
Patriot Bank, N.A.