Revenue projections for Hispanic small business owners are at a four-year high, and Hispanic entrepreneurs are more optimistic about the local and national economies than their non-Hispanic peers, according to a Bank of America report released Wednesday.
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"They're the most optimistic, fastest-growing demographic of entrepreneurs. ... They’re a big part of the thriving economy," John Gomez, senior VP/Small Business Region executive at Bank of America, told FOX Business.
Hispanic small business owners' concerns over major economic issues "remained flat or declined." They're still most concerned by health care costs, although it's less of a concern than in 2019.
"Regardless of where a small business is in its life cycle, health care will always be a concern for entrepreneurs because they want to offer the best benefits possible. … Especially with low unemployment, it's not an easy market to find top talent," Gomez said.
In addition, 30 percent of Hispanic business owners surveyed envision significantly growing their staff in the next decade, something that Gomez said will be a boon for local economies.
Some of the biggest obstacles Hispanic entrepreneurs said they faced are a lack of resources and challenges accessing capital. Gomez highlighted Bank of America's resources for small businesses as well as the federal Community Development Financial Institutions (CDFI) Fund it supports.
"Something people aren't talking about has been simplification with regards to regulations," Barreto told FOX Business. "Big businesses can deal with changing regulations. For small businesses, it gets very tough. The rollback on redundant regulation made it easier to comply."
He added that Hispanic women are starting businesses at a higher rate than any other group.
"When you look at it from a 30,000-foot view, 4 million Hispanic companies generate $800 billion in revenue each year," Barreto said. "Small businesses generate more than half of the economy."