According to a recent US Bank report, Latino small business owners are very positive about the future of the economy. In fact, when compared to the national average, Hispanic owners are generally more bullish on the economy. More Latinos expect revenue to increase (50% vs 33%), “tried or were able to borrow capital in the last six months (26% vs. 14%); were likely to increase their capital expenditures (55% vs. 40%), and were planning to hire (43% vs. 26%).” The outlook on business also saw a waterfall to marketing and employee hires.
“Latino business owners tend to be younger and that probably explains their fearlessness in embracing technology and social media to market and operate their companies,” Ervin Blanco, district manager for U.S. Bank in Chicago.
According to Business Wire, “Seventy percent of Hispanic small business owners are actively marketing to millennial customers compared with 48 percent of all business owners surveyed.” Despite the positive outlook however, 70% of Latinos admitted that they struggled in finding qualified applicants for their company.
This survey is part of a wider effort by U.S. Bank to support Hispanic business owners by providing them with information, tools, advice and small-business services that are tailored to their needs. The bank has a strong presence in areas including Los Angeles, Chicago, Las Vegas and Phoenix where there are large Hispanic populations.
With the recent increase in Latino businesses the market is set to be a huge player in the next 10 years and if US Bank can create a large stake in the group, the bank could position itself very well.