At LOCO our work is centred on the economic impact of local. And as an organization that coordinates a Buy Local campaign, ‘What’s local?‘ is often the first question we’re asked.
We know the greatest local economic value is created by businesses who are locally owned and operated. Based on our research study, the Power of Local Purchasing, we know these businesses re-circulate dollars in our local economy 2.6 times more than their non-locally based counterparts. For every $100 dollars spent with a BC-based business, $46 will stay in our economy (vs $18 for non-local counterparts).
At LOCO we’ve been working on creating a definition of local that centres on maximizing the local economic impact consumers and purchasers can generate. These definitions are at the centre of the BC Buy Local campaign.
When asking ‘what’s local’, follow these guidelines.
Local owned businesses are:
- Private companies (ex. single owner or partnership, employee owned, co-operative or social enterprise/non-profit)
- Headquartered in BC
- > 50% of owners residing in B.C.
- A product that is wholly or largely (>50%) manufactured or processed in B.C.
*Can include products produced without local materials or ingredients. Local made products with local ingredients or materials can add “Local Grown” if applicable.
- An agricultural product grown in BC (ex. food, plants, fibre, wood)
- A manufactured product with >50% materials grown in B.C.
Anyone who purchases from Local Owned businesses or buys Local Grown and Local Made products can be a Local Champion. Let your customers know you value them as Local Champions.