Despite immigrant measures imposed by President Donald Trump, Hispanic small business owners in the United States are optimistic about their future, even more so than non-Latinos entrepreneurs, according to a recent study.
Seventy-one percent of Hispanic entrepreneurs expect their incomes to grow this year, which is an expectation 20% higher than their non-Latino counterparts (51%), according to a Bank of America report.
Also, 71% expect to increase their income this year; 51% expect to grow and hire employees, and 76% are optimistic over the next five years, with the expectation of continuing to grow.
This confidence is greater than that of non-Hispanic business owners, where the expectation of better income is 20%; Growth and contracting, 25%; And long-term growth is 55%.
Hispanic entrepreneurs are strong in the small business sector
The first Hispanic Approach to the Bank of America Small Business Owners Report indicates that Hispanic entrepreneurs are already the fastest growing segment in the small business sector, and this optimism could reinforce their importance and role as leaders of local economies.
For Luis Garcia, a small food distribution producer in South Florida, despite the fears that may exist among the Hispanic community because of the measures implemented by President Donald Trump, there are many growth opportunities that already exist and are reflected in the buying habits of people.
“So far, we have not seen a drop in sales. In fact, compared to last year we see that the numbers are better, “Garcia said.
The report also points out that for Hispanics, who represent the fastest growing sector in small businesses, family and friends play an inflating role in their business decisions by providing financial, operational and emotional support.
“Hispanic entrepreneurs not only see opportunities for themselves, but also for their families, and so they move forward to realize their dreams,” said Elizabeth Rivero, executive of Bank of America and responsible for the study.
“The dream of any Hispanic is to grow with their business. They are fighters, they know that they will go ahead, even if there are barriers, they feel that those barriers will not close doors for them, “said Rivero.
Although Hispanic small business owners are optimistic about revenue and growth, they are also very concerned about several economic problems.
Health care costs are the main concern for 71% of respondents. This is the same main concern for non-Hispanic entrepreneurs (75%).
However, Hispanic businessmen are significantly more concerned about stability and strength of the US dollar – 62% vs. 51% of non-Hispanic entrepreneurs; Corporate tax rates – 61% vs. 49% of non-Hispanic entrepreneurs; Interest rates – 61% vs. 45% of non-Hispanic entrepreneurs; Commodity prices – 59% vs. 47% of Non-Hispanic Entrepreneurs and credit availability – 55% vs. 34% of non-Hispanic entrepreneurs.