Spanish Fork says small enterprise reduction program generated $660,000 for native economic system | Spanish Fork Information
A small business program launched in Spanish Fork last year with the help of federal COVID-19 aid funds raised $ 663,500 in the local economy, according to the city.
The Spanish Fork 2020 Shop Local program, in which more than 180 local small businesses participated, was launched to “help local residents and businesses during times when many were financially difficult”.
“The hope is that this gift helped residents during the holiday season and (helped) raise money to our local businesses that are also weathering the COVID-19 storm,” the city wrote on a website about the program.
The city sent 11,776 cards, each with three vouchers worth $ 25, “which can be spent like cash at participating companies in Spanish Fork,” the city said in a press release on Thursday. The participating companies could then present the vouchers to the city for reimbursement.
Of the 35,528 individual vouchers sent, 26,540, around 75%, were redeemed.
“We had a 50% redemption goal with the hope that 60% of the vouchers would be redeemed,” said Seth Perrins, manager of Spanish Fork City, in the press release. “The 75.12% repayment rate we had shows the excitement local residents and businesses alike have had for the program.”
The Fork-Salem City and Spanish Chamber of Commerce urged big chains like Costco, Lowe’s, Macey’s and Walmart “not to participate,” said Dave Anderson, director of economic development, who noted that “these big companies were in spite of it COVID-19 successful. “
Some companies have deposited customers with $ 25 and allowed them to keep the vouchers, the city said, while one company donated its $ 3,975 proceeds to the city’s utility fund.
Nearly half of Spanish Fork residents who participated in the program, 47%, used the coupons at food service businesses totaling $ 317,250. One food service company in particular redeemed coupons valued at $ 44,375.
“Our hope in creating this program was to provide funding to every family in Spanish Fork and to have a positive impact on our local businesses. As a city, we are thrilled that the local program achieved this goal, ”said Perrins.
The small business aid program is similar to programs launched in other cities in southern Utah Counties, including Santaquin and Payson.
Connor Richards covers government, environmental, and South Utah County for the Daily Herald. He can be reached at [email protected] and 801-344-2599.