Inaugural Bank of America Hispanic Small Business Owner Spotlight Highlights Optimistic Outlook in 2017

Hispanic entrepreneurs are one of the fastest-growing segments of the small business sector, making contributions to the economy and job creation like never before. In order to more acutely understand the unique experiences and perspectives of this group, Bank of America surveyed approximately 350 Hispanic small business owners from across the country about issues ranging from their economic and business outlooks for 2017, to their views on lending and the role that their families and communities have in the success of their businesses.

The results, which are reported in the inaugural Bank of America Hispanic Small Business Spotlight, tell a story of optimism – for both the growth prospects of their business and the direction of the economy. Their expectations to hire and apply for a loan in the year ahead also greatly outpace those of non-Hispanic entrepreneurs, potentially indicating they are poised to continue driving local job creation and economic growth in a significant way.

Hispanic small business owners maintain this optimism even as they express concern over a number of economic factors – such as corporate tax rates, interest rates and credit availability – more significantly than their non-Hispanic counterparts. As we explored Hispanic entrepreneurs’ views on lending, we uncovered a split among Hispanic small business owners about whether a lending disparity exists. Despite the division, the reported loan approval rate for both Hispanic and non-Hispanic respondents is near equal.

Finally, the findings show a strong connection between Hispanic small businesses and the support they receive from their family, friends and communities. In particular, they see their businesses as investments in their families’ futures, with a high percentage reporting plans to eventually pass their business on to a family member – far greater than their non-Hispanic counterparts.

Download the Bank of America 2017 Hispanic Small Business Owner Spotlight

2/22/2017


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