Bank of America is excited to present the results of the 2022 Women & Minority Business Owner Spotlight, the newest report exploring the perspectives, aspirations and concerns of small business owners across the country, with a particular focus on women, Black, Hispanic-Latino and Asian American and Pacific Islander (AAPI) business owners.
Small business owners nationwide are confident in their business prospects for the year ahead. Two-thirds anticipate revenue increases, and over half are preparing to expand their business in the next 12 months. With business confidence continuing to trend upward, entrepreneurs’ economic outlook is more optimistic than when surveyed in the spring.
Inflation and commodities prices are still top worries for business owners, though concern has decreased slightly over the past few months. Business owners are still monitoring the impact of inflation, supply chain issues and labor shortages, and are taking actions, such as raising prices, to address these impacts.
As women and minority business owners reflect on their business prospects and challenges, obtaining equal access to capital and securing additional educational resources are priority areas of focus. When looking at day-to-day operations, Black business owners are continuing to commit to social change through their business, and Hispanic-Latino business owners say family and community support is a two-way street – complimentary factors that are leading to business success.
Whether you’ve been in business for decades or are just starting out, Bank of America is committed to helping provide you with the resources necessary to manage, sustain and grow your small business.