March 2019

The Spotlight is on Hispanic small business owners (SBOs)

Hispanic small business owners plan for increased revenue, hiring, growth and expansion in 2019, outpacing the business outlook and economic confidence levels of their non-Hispanic SBO peers. Read on for highlights from the Bank of America® 2019 Hispanic Spotlight.

Hiring plans are up double digits YOY

  • 51% plan to hire in 2019.
  • 79% plan to grow their business over the next five years.
  • 87% plan to expand in 2019.

Expansion plans in your future?

Your Small Business Banker has the industry knowledge to help your business grow. Set up a time for a telephone call or in-person visit.

A more confident economic outlook

The Spotlight also revealed that Hispanic SBOs have a more economic outlook than their non-Hispanic peers.

  • 59% are confident the national economy will improve.
  • 68% are confident the local economy will improve.
  • 56% are confident the global economy will improve.

Modified hiring strategies in ultra-competitive job market

Hispanic SBOs are incorporating special perks to attract qualified workers and are deploying tech at higher rates than their non-Hispanic counterparts to hire and fill open positions.

  • Nine in 10 Hispanic entrepreneurs offer at least one special perk or benefit to attract job candidates.
  • When it comes to traditional hiring strategies, Hispanic SBOs are more likely to use tech-based strategies to find talent.
Read the complete Bank of America 2019 Hispanic Spotlight

Expansion plans in your future?

Your Small Business Banker has the industry knowledge to help your business grow. Set up a time for a telephone call or in-person visit.

Source: Bank of America 2019 Hispanic Spotlight

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