This year’s report found that most Hispanic-Latino business owners are confident in the year ahead, with 82% anticipating their revenue to increase and 78% planning to expand their businesses. Even as inflation and supply chain issues continue to impact many business owners, Hispanic-Latino business owners have strong economic optimism compared to non-Hispanic-Latino business owners, with the majority confident that their economies will improve over the next 12 months.
The labor market is top of mind for Hispanic-Latino business owners, as many say that a stronger labor market would improve their economic confidence and most are struggling with hiring and retaining staff. To help offset these challenges, most are investing in educational resources and implementing strategies to better engage their staff and boost employee satisfaction.
Despite recent progress toward equal opportunity and access to capital, many Hispanic-Latino business owners still face stereotypes and setbacks as entrepreneurs. But Hispanic-Latino business owners hold unique perspectives, with many bringing positive impacts to their communities by supporting Hispanic-Latino-specific issues and local events.
Whether you’ve been in business for decades or are just starting out, Bank of America is a trusted partner and knowledgeable resource to provide business owners of all sizes with the information, tools and technology necessary for their long-term growth and success.
