Hispanic entrepreneurs, "stronger and more optimistic" about their business in the US

Hispanic entrepreneurs are feeling "stronger and more optimistic" about the future of their business in the United States, with an emphasis on digital commerce, the Bank of America regional executive, John Gomez, told Efe.

Optimism is not only limited to this year, but extends to the next decade, according to the Hispanic Approach to the Small Business Owners Report released by the bank on Tuesday in Chicago, which includes the opinions of 1,323 Latino entrepreneurs across the world. country.

"Looking to the future, almost all the businessmen consulted see a decade of opportunities ahead, with greater income, a better digital presence and expansion into new markets," the report said.

"The Hispanic is interested in how everyone enters the digital commerce, because it will help them to continue growing and to enter new markets," Gomez said.

The vast majority (89%) of Hispanic entrepreneurs surveyed have plans to expand over the next 12 months, compared with 68% of non-Hispanics. In 2019, the growth expectation of the Latin sector was 87%, according to the bank's study.

79% responded that they expect to increase their income in the year, against 57% of non-Hispanics, and 45% plan to hire more staff in 2020, compared with 24% of non-Latinos.

According to the Los Angeles-based executive, the energy and confidence of entrepreneurs that things will continue to improve is based on an indisputable reality. In the last decade, he said, the growth of small Hispanic businesses was 34%, with a 14% increase in revenue, higher rates than those registered in the US general economy.

"This is a source of pride," he said.

Gomez highlighted the three most important goals of Latino entrepreneurs: maintain revenue growth, have a more important digital presence and learn to use available resources.

Despite the optimism, most respondents declare obstacles in the way of growing their business.

Concerns include lack of resources, lack of experience in business administration and problems accessing capital.

Gomez reported that the Bank of America has a network of 2,500 bankers across the country that can guide Hispanic clients to receive financial education and develop business plans.

A particular project of the bank is a digital network called Business Advantage 360, which connects entrepreneurs with each other and teaches them to use their mobile phone to run their businesses, while traveling around the country or abroad.

As reported in 2019, Bank of America granted loans for $ 9.2 billion to small businesses and maintained its position as the main creditor of the sector in the third quarter of last year, with individual loans of up to one million dollars.


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