What's a dollar really worth?
So, you've decided to commit to buying locally. Great! But how exactly does that money translate to millions of dollars? It is called the multiplier effect. When you spend money at a local business, that money ends up cycling through the local economy a number of times.
The money you spend goes towards paying wages, purchasing advertising, buying supplies, hiring professional consultants, paying local taxes and much, much more. The money that is spent by the local business is then spent again and again and again. This cycle continues until the dollar has been spent down to less than a penny.
According to studies by Civic Economics, a national economic research firm, for every $1.00 spent at a locally-owned, independent retailer, 68˘ of your original dollar cycles through the local economy 12 times. When that same $1.00 is spent at a non-locally-owned store (also known as a chain store), 43˘ cycles through the economy 6 times. Since Lincoln County, and all rural communities, need both independently-owned businesses as well as chain-store businesses, we want you to spend your money at both. By doing so your $1.00 purchase will circulate somewhere between 6 to 12 times. It will also increase in value somewhere between $1.74 to $3.10, depending on where it was spent and how many times it circulated.
Regardless of where you spend your money in Lincoln County, the key is that you spend it in Lincoln County. By doing so your $1.00 will increase in value and you will be contributing to the multiplier effect. You will automatically be doing your part to help stimulate our own local economic recovery program. Keep the GREEN in Lincoln County.