LANSING, Mich. (Michigan News Source) – Saturday is an important day in the livelihood of small businesses across Michigan, as “Small Business Saturday” gets underway.

According to state data, Michigan is home to 902,000 small businesses, with 1.9 million small business employees, representing 48.3 percent of Michigan workers. More than 99 percent of Michigan businesses are defined as small businesses with fewer than 500 employees.

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Like “Black Friday” which focuses on an important day for larger retail outlets, “Small Business Saturday looks to pour local money back into the community.

According to the U.S. Small Business Administration, small businesses comprise more than 98 percent of Michigan businesses and employ half of Michigan workers. For every $100 spent at a local business, roughly $68 stays in the local economy, allowing business and job growth.

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In addition, according to the Michigan Retailers Association, one in five Michigan jobs are in the retail industry.

“Making the choice to ‘Buy Nearby’ strengthens communities, keeps money in Michigan and gives small businesses the chance to thrive,” said Michigan Retailers Association President and CEO William J. Hallan. “When you are looking for that perfect gift for your loved one this year, head to ‘Main Street’ to help grow our local economy and support your local businesses.”