Bank of America survey reveals optimism among Latino small businesses

New York, Oct 23 (EFE).- A majority (91%) of Latino small business owners expressed optimism about their businesses for the coming year, expecting their revenues to increase, according to a recent report by Bank of America.

Though there were slight moderations in their outlook compared to the previous year, the “Women and Minority Business Owners” report, which interviewed 1,000 small business owners across the country, reveals strong commercial prospects for this sector.

Survey results showed that 63% believe their revenues will increase in 2024 (compared to 71% in fall 2022) and 28% think they will remain the same (compared to 20% in 2022). Only 9% anticipate a decrease, consistent with the previous year’s sentiment.

51% plan to expand their businesses, down eight percentage points from last year. However, 43% are looking to hire more employees, according to the report that delves into recurring themes in the business landscape such as economic outlooks, concerns, and commercial projections.

To achieve their goals, 89% of Latino business owners plan to secure financing next year through various means: commercial credit cards (57%), personal savings (45%), loans (31%), or personal credit cards (29%).

Nevertheless, 43% reported difficulties accessing capital.

The report also revealed that Latino business owners are motivated to enhance their education, aiming to improve efficiency in their small businesses. 84% expressed a desire for more educational resources focused on their small enterprises.

Entrepreneurs also acknowledged the importance of investing in their employees’ education.

When asked about their main concerns, top worries included inflation (78%), interest rates (77%), commodity prices (73%), the country’s political climate (67%), healthcare costs (66%), and the US and/or global stock market (55%). EFE

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