Hispanic Entrepreneurs Optimistic About the Future and Ready to Hire

File photograph showing the Bank of America logo in New York, United States.  EFE / Cj Gunther
File photograph showing the Bank of America logo in New York, United States. EFE / Cj Gunther

San Francisco (USA), Oct 12 (EFE) .- Hispanic entrepreneurs in the United States are overwhelmingly optimistic about the performance of their companies for next year, and 43% expect to hire new employees, according to a study published by Bank of America.
As part of its Hispanic Heritage Month celebration (Sept. 15-Oct. 15), Bank of America released its “2021 Hispanic Business Owner Spotlight,” which analyzes trends between community entrepreneurs.
The study indicates that in recent months there has been a very significant improvement in future expectations among Hispanic business owners.
Although last fall they were cautious about the evolution of the pandemic, now, with the advance of vaccination and the reopening of businesses, their forecast on the progress of both the economy in general and their companies in particular is much more encouraging.
Thus, 81% of those surveyed expect their business income to increase next year (a figure that in 2020 was only half); 74% believe that their local economy will improve; and 64% think the economy of the entire country will.
Additionally, the percentage of Hispanic employers that expect to hire more people in the coming months has risen from 25% at the end of 2020 to 43% today.
“We have seen the tremendous resilience of Hispanic entrepreneurs during the pandemic and are committed to supporting them during Hispanic Heritage Month and beyond,” said Bank of America Small Business Chief Sharon Miller.
The support of financial entities will be key to converting the general optimism among Latino entrepreneurs into growth and business opportunities, since only 25% of them say they are in a “strong” financial situation.
Of the rest, 15% say they are in a “bad” financial situation and 60% admit that their finances are just enough to get the business going, so external help will always be welcome.
Almost half of the respondents (49%) plan to request a bank loan or open a line of credit this year, money that they will dedicate fundamentally to three objectives: marketing and business promotion (41%), investing in work teams ( 35%) and create or modify the products that their companies use (34%).
The survey commissioned by Bank of America was conducted between March 11 and May 1, 2021 through surveys of 300 small Hispanic entrepreneurs in the United States with an annual turnover of between $ 100,000 and $ 4,999,999 and with a range of between two and 99 hired employees.

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