Hispanic Business Owners Set Sights on Significant Growth in 2018 and Beyond

Hispanic entrepreneurs are unified in their continued optimism toward the economy and long-term growth, according to the second annual Bank of America Hispanic Small Business Spotlight.

To better understand what’s driving the significant contributions of one of the fastest-growing segments of the small business sector, Bank of America surveyed nearly 400 Hispanic business owners across the nation to identify their aspirations and concerns, as well as similarities and differences with their non-Hispanic peers.

Hispanic entrepreneurs feel a greater sense of confidence in both the national economy and their local economies than they did in 2017, and compared to their non-Hispanic peers, are more bullish on revenue and hiring in the upcoming year. This prediction of prosperity extends to the longer-term. A strong majority of Hispanic business owners anticipate growth in the next five years, and predict the business environment will strengthen for them over the next decade. While most Hispanic entrepreneurs say they face unique challenges, many also see their heritage as helpful when it comes to business growth and attracting customers.

External influences such as technology and employees may be driving these positive sentiments. Hispanic business owners are early technology adopters, leading their non-Hispanic peers in digital and social media usage. Hispanic entrepreneurs are also investing in their employees’ long-term growth and success, believing their ability to attract and retain talent directly impacts their bottom line.

Download the Bank of America 2018 Hispanic Small Business Spotlight


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