A Bank of America report reveals that Hispanic small business owners are more optimistic about the economic outlook compared to their non-Hispanic counterparts. The number of them expecting revenue growth also grew to a four-year high.
John Gomez, Bank of America’s SVP-Small Business Region Executive, said that aside from their optimism Hispanic owners’ major economic concerns remain flat or declined. Around 30% of them are also planning to hire additional employees. Their biggest obstacles are limited resources and access to capital. To address these problems, Bank of America allocates resources for small businesses and supports federal Community Development Financial Institutions (CDFI) that offers financial assistance to low-income people.
The Latino Coalition Chairman Hector Barreto credited the Trump administration’s policies such as tax cuts and the U.S.-Mexico-Canada Agreement to Hispanic business optimism. He also said that Hispanic businesses generate $800 billion in annual revenue and a growing number of Hispanic women are starting their own businesses.