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BizReport : Advertising archives : February 23, 2017

Survey: Hispanic SMBs show strong optimism

Small businesses across the US have polled with strong optimism over the past year, but new data out from Bank of America indicates that Hispanic small business owners are more optimistic than those from other demographics. They do, however have their concerns about the future.

by Kristina Knight

For example, researchers found that three-quarters (75%) are concerned about health care costs. More than half (62%) of Hispanic SMB owners are concerned with the strength of the US dollar, as well as corporate tax rates (61%), and interest rates (61%). Other concerns include commodity pricing and available credit.

These are big areas of concern - so why are these small business owners overall more optimistic than their counterparts?

"For our community of Hispanic small business owners, the American dream of prosperity through hard work is alive, real and inspiring," said Elizabeth Romero, Small Business Central Division executive, Bank of America. "They see opportunity for themselves, as well as their families, and are leveraging personal networks and communities to help them realize their dreams. Even in the face of the same challenges and economic concerns that affect all small business owners, they are proving to be not only resilient, but incredibly bullish about their future plans and prospects for success."

Other interesting findings from the poll include:

• 71% of Hispanic SMB owners expect revenue to increase over 2017
• 76% believe they'll see business growth over the next five years
• 58% have applied for loans in the past and 35% plan to apply in 2017

"Hispanic-owned small businesses are a vital driver of economic growth and American jobs. The Bank of America findings show that trend is on track to continue in 2017. Research such as this is important in highlighting the critical contributions that Hispanic-owned businesses are making to build and sustain prosperity for families and communities across the country," said Javier Palomarez, president and CEO, United States Hispanic Chamber of Commerce.

The full Bank of America infographic can be found here.

Tags: Bank of America, hispanic SMB trends, SMB tips, SMB trends

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