Increased community support for small businesses can generate $42.6 billion in revenue

For small business owners struggling with a decrease in business, financing support may be as simple as appealing to the local community for help - it could mean a difference of billions of dollars in revenue, research says.

The 3/50 Project - a recently launched initiative that urges consumers to spend a combined $50 per month at three of their favorite local businesses - calculated that if half the country's employed population spent $50 a month in local independently owned businesses, it would generate more than $42.6 billion in revenue.

The project also tells consumers the importance of buying locally, as $68 of every $100 spent in local stores goes back to the community through taxes, payroll and other expenditures - only $43 of every $100 spent at national stores goes to the community, while none of the money spent online does, according to the project's website.

Dan Collins, owner of a designer pen store in Chicago, told the Wall Street Journal that appealing to the community has made a drastic difference in his sales.

After putting up a sign in his store window that said, "Dear Customers, I understand why you're not coming in these days. This is a great time to buy a fine pen. All pens are drastically reduced. Sincerely, Dan," he saw an increase of 20 or 30 customers per day, he told the news provider.

With 51 percent of consumers reporting plans to cut discretionary spending this month, according to the most recent Discover Spending Monitor, the need is great for increased community support to small businesses.