Afternoon MoJoe, 11/25/13, 10:46 AM ET

Open for business

The CEO and chairman of American Express shared the importance of shopping at local companies this weekend on "Small Business Saturday," which celebrates the...

Local communities: Open for business

Updated

The key this weekend is to shop small to support local businesses.

Consumers have celebrated Small Business Saturday each year after Thanksgiving since American Express founded the movement in 2010. The U.S. Senate officially recognized the day a year later, and now other countries, including Canada, South Africa, Israel, China, and Australia, participate.

“This is not just about using our cards on Small Business Saturday. You in fact can use any card,” Ken Chenault, CEO and chairman of American Express, said on Monday during an Afternoon MoJoe web-exclusive interview.

More than half – 52% – of consumers’ dollars stays within a community, according to American Express. Consumers spent an estimated $5.5 billion last year on Small Business Saturday. The day is meant for the public to focus on “shopping small” in between Black Friday and Cyber Monday.

There are currently 28 million small businesses fundamental to the U.S. economy, Chenault said.

Watch: Is Main Street making a comeback?

Additionally, two-thirds of new jobs are created by small businesses, Jeanne Hulit, acting administrator of the U.S. Small Business Administration, recently told msnbc.  Half of the American public either works for or owns a small business.

Be sure to watch other web-exclusive interviews and roundtable discussions right here in the Afternoon MoJoe section of the website.

Small Businesses

Local communities: Open for business

Updated