Dollars and sense

Libro Credit Union launches small business support campaign with a unique, employee-led community spend

LIBRO CREDIT UNION is calling on the people of Southwestern Ontario to show their support for local businesses with the launch of the Loyal 2 Local Challenge.

As part of Libro’s ongoing work to grow prosperity in the region, the credit union is asking the public to make a purchase at a local business and join a massive effort to promote those businesses at a time when so many are fighting to survive.

In order to start a wave of support for local businesses, on Friday, May 22, each of Libro’s 700 employees will receive $25 to spend. They are being asked to buy something from their favourite local business and post about it on social media, tagging Libro and using #Loyal2LocalChallenge.

As well as immediately putting thousands of dollars into the local economy, the initiative is designed to start conversations about the value of local businesses to Southwestern Ontario and the many reasons why we all love to buy local.

“We know many people are already supporting local businesses during the pandemic and we want to encourage more to join in and everyone to talk about it,” said Emily Strybosch, brand specialist at Libro Credit Union. “It’s all about making the choice to support local and asking others to do the same thing. It makes sense for the local economy, too, because money spent in local businesses keeps more of our resources in the area.

According to a Libro news release, independent businesses recirculate up to 4.6 times more revenue in the local economy than multinationals, recirculate up to 63 per cent of their revenue back into the local economy compared to 14 per cent for multinational corporations and produce up to 8.4 times more jobs per square foot and up to 8.1 times more revenue square foot than multinationals

“There are so many positive stories for us to tell about local business of all kinds and we enjoy telling them, so let’s show our love and loyalty for everyone working hard to keep their southwestern Ontario businesses running during Covid-19,” added Strybosch.

The Loyal 2 Local Challenge runs from May 22 to June 5, and Libro will be sharing stories on social media channels throughout.