Iowa ranks in the bottom half of the 50 states when it comes to the rate of economic growth. However, there are ways you can help boost the local economy and ensure that Iowan-based businesses can survive and thrive amid the current economic doom and gloom.

Although we will focus on specific Iowan-related businesses, you can apply many of these tips and tricks if you are based further afield. When it comes to supporting your local economy, although it may be weighted more toward one type of industry, there are general principles you can apply that ensure you are doing whatever you can to help your neighbors keep their businesses profitable and provide food and shelter for their loved ones.

Even though inflation rates aren’t as bad in America as in some other prominent nations, it is still much higher than the Biden administration would like. It is projected to come down but for everyday Americans, it creates uncertainty and anxiety and hits us where it matters most – our savings and our pockets.

Benefitting the economy – shop Iowan

This can be difficult if a colossal supermarket chain sells the same items up the road for a much lower price. However, with small businesses, you often receive more personalized service and know that your money will go into your friend’s pocket down the road instead of being funneled offshore into a tax haven.

If you consistently use your local shop, you can build rapport and in times of need, they may offer you discounts or loans when you look to purchase produce. This is not something you will get from a large, multinational supermarket chain.

Ultimately, your business is more appreciated by somebody who has spent the time and effort setting up their own business or store in the face of economic adversity and in a world where conglomerates seem to assert more power than ever before.

So, while it may initially seem more expensive, the fact that a fellow Iowan has spent time sourcing the product for you and is giving you a little bit more of a personal service should help to make up for any hit you may take to your finances.

Support community events

Whether it is a significant fundraiser or a small charity event for an excellent local cause, turning up and keeping up appearances always goes a long way. Any money raised goes right back into the local community. If you live in a rural area, you will know all too well that these initiatives can be overlooked by central funding bodies that tend to pivot their focus toward more prominent cities.

Worthwhile charities that help feed vulnerable people or provide clothing for people in need are just a couple of examples of how to get behind the causes that truly matter in Iowa. You can feel a sense of personal pride knowing you have contributed to such worthy causes, and it helps the community bond together, especially during times of hardship.

As well as the obvious funding benefits for a local charity, and the ability to bring a community closer together, one of the key things is that all efforts help the local economy and lead to an improvement in quality of life.

Networking

Networking is crucial during events where community members and leaders come together to discuss and share ideas to improve the local economy. If you gain a good knowledge and understanding of what your local neighbors do and where their business expertise lies, this results in a net benefit for all those involved.

In turn, this can feed into other areas by providing better awareness of the sort of business your friend in the community can offer you and how they can help you with a local service. For example, a builder or any other type of tradesperson may well have the skills you require.

The internet has helped immensely in this regard. For example, many communities often set up Facebook groups to share messages about what’s coming up in the area or events that will benefit the local economy.

Conclusion

These are just a handful of options that spring to mind today. As an Iowan, you will understand the importance of fueling the local economy, and that even the smallest gestures count if you make them consistently and with good intentions.

The current national climate is harsh right now. However, with so much uncertainty regarding unemployment, a possible recession and the strength of the US dollar, we appreciate that making savings as and where possible is essential.

As an Iowan, striking a balance in your budget and shopping locally is the most effective way to help your local economy. A strong sense of community helps people even in the bleakest times.