Bank of America is pleased to present the 2020 Hispanic Business Owner Spotlight, our fourth annual study exploring the goals, challenges and everyday realities of Hispanic entrepreneurs across the country.
Bank of America releases the 2020 Hispanic Business Owner Spotlight
This year, our research found Hispanic small business owners anticipate a year of robust growth, with revenue projections reaching a four-year high. Their plans to expand, hire and obtain financing also remain high from 2019. Hispanic entrepreneurs also express a more bullish outlook on their local economies and the national economy compared to their non-Hispanic peers, while their concern over many major economic issues has remained flat or declined.
Looking to the future, nearly all Hispanic business owners see a decade of opportunity ahead. Their top goals for the 2020s include significantly increasing revenue, prioritizing their digital presence and expanding into new markets – which mirrors what Vince Beckman IV plans to do with his small business ventures.
Bringing Peru to Chicago
Despite Chicago being a city known for its diverse dining scene, the lack of Peruvian cuisine options sparked a life changing idea for Vince Beckman IV—it was time to introduce Chicago residents to the country’s unique, rich flavors by opening an authentic restaurant.
Beckman knew he couldn’t do it alone. After finding a business partner, the duo turned to world-renowned chef and restauranteur Gastón Acurio for help. Together, they developed Tanta Chicago, which means "bread" or “provided nourishment and food” in the Incan language.
Beckman and his team worked for over four years to ensure authenticity in all aspects of the restaurant as it was brought to life— even taking the time to work with a Peruvian architect on the building and its interior.
When Tanta first opened in 2013, Beckman recalls the challenges raising awareness of a new restaurant to Chicagoans. The fusion cuisine is a melting pot of global and cultural influences – Chinese, Japanese, Spanish, Italian, African and ancient Incan — brought together over hundreds of years.
“Ten years ago, Peruvian cuisine wasn’t even on the radar of the Chicago dining scene,” Beckman said.
Gradually, word of mouth, online reviews and local media coverage started to build, which put Tanta on the map. In 2018, Chicago Magazine named Tanta one of the top restaurants in Chicago.
Beckman attributes his success to employees and business partners. “It’s really important to have a strong team you can trust,” he said. “They’re like family to me and it’s important we take care of them – plus, things will run smoothly if everyone’s happy. It’s so rewarding to see firsthand how the business is positively impacting so many people.”
Beckman and his business partner harnessed their experience opening Tanta to launch an upscale cocktail bar, Arbella. The new bar was such a hit, they didn’t stop there – next, Beckman and his team created Nice Ice, to fill a niche need for custom ice in deluxe cocktails. The company quickly grew from a small operation in the basement of Arbella to serving venues across Chicago and St. Louis, with current plans to expand to Las Vegas.
Like many entrepreneurs, Beckman acknowledges his success is in large part due to his family and community relationships. To show appreciation, Beckman gives back by serving on the board of two nonprofits, Pilot Light Chefs, and Farmworker and Landscaper Advocacy Project (FLAP).
“Family and community played a big part in getting Tanta off the ground and continue to be instrumental to our success” Beckman said. “Maintaining those relationships in the community – like the one we have with Bank of America – is so important as our business continues to grow.”
Bank of America is committed to providing business owners like Beckman with solutions to ignite and accelerate their potential, such as bilingual capabilities in our financial centers, access to capital, leading-edge digital solutions, mentoring, education and training through our business and partnerships.
Originally published 03/10/2020
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