A recent study conducted by Bank of America concluded that 71% “of Hispanic entrepreneurs — the fastest-growing segment of the small business sector — expect their revenues to increase in 2017.” This number is 20% higher than non-Hispanic small business owners. In addition, more than 50% of Hispanic owners believe they will hire more employees during the 2017 fiscal year versus only a quarter of non-Hispanic small business owners.
Another interesting from the Miami Herald’s coverage of the “Hispanic Small Business Owner Spotlight…luncheon event at Bulla, a Spanish restaurant in Coral Gables” was that “Of those who have applied for a loan, 86 percent of Hispanic entrepreneurs were approved, similar to the approval rate reported by non-Hispanic small business owners (85 percent)”. This number is amazing and if true could change alot of peoples perceptions of applying for loans. Please keep in mind that those approved had annual revenues of between $100,000 – $5 million. In my experience this may be true as lenders, specifically banks have a minimum requirement of annual revenues being $100,000. Hispanic businesses also get alot of support from family members versus non-Hispanics. According to the article “Sixty-six percent of Hispanic entrepreneurs have received financial gifts or loans from family and/or friends to help fund their businesses — 29 percentage points higher than their non-Hispanic counterparts.”
With so much support seemingly within the Hispanic community, there is plenty of room to be positive if you are a Hispanic business owner. To learn more about the surveys conducted check out the Miami Herald article below: