In a recent Bank of America report, it was found that a significant majority, amounting to 91%, of Latino small business owners are feeling positive about their business prospects for the upcoming year. They anticipate an increase in their revenues, although there has been a slight adjustment in their expectations compared to the previous year. This information is part of the “Women and Minority Business Owners” report, which involved interviews with 1,000 small business owners across the nation, highlighting the strong potential in this sector.
The survey results indicate that 63% of respondents believe their revenues will rise in 2024, down from 71% in the fall of 2022. 28% expect them to remain stable, compared to 20% the previous year. Only 9% anticipate a decrease, which aligns with the sentiment from the previous year. Additionally, 51% of these business owners are planning expansion, though this is a decrease of eight percentage points from the previous year. However, 43% are interested in hiring more employees, as stated in the report, which dives into recurrent themes in the business landscape, including economic outlooks, concerns, and commercial projections.
To achieve their goals, 89% of Latino business owners intend to secure financing in the coming year, utilizing a variety of methods such as commercial credit cards (57%), personal savings (45%), loans (31%), or personal credit cards (29%). Despite this, 43% reported difficulties in accessing capital.
The report also revealed a strong desire among Latino business owners to improve their education, aiming to enhance the efficiency of their small businesses. In total, 84% expressed interest in having more educational resources focused on their small enterprises. These entrepreneurs also acknowledged the significance of investing in their employees’ education.
When it comes to their primary concerns, the top worries include inflation (78%), interest rates (77%), commodity prices (73%), the country’s political climate (67%), healthcare costs (66%), and the US and/or global stock market (55%). at Laprensa