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Most Hispanic business owners expect their revenue to increase over the next year

  1. What is the number one concern for your Hispanic business clients?
    •  Currently the number one concern is keeping their employees and being able to pay them, with the pandemic – many had to cut their own individual pay to be able to afford keeping their employees. At Bank of America we have Better Money habits to help our business owners manage their finances. Recently we were involved in Prospera and Ascendus to provide Financial skills to help their business grow by having a virtual session with over 44 small business owners in attendance
  2. How are they coping with the pandemic?
    • With the pandemic 51% of them are allowing flexible work schedules and ensure they can provide better benefits for their staff in order to maintain them and keep them satisfied during their difficult hardship and how it impacts the business having a staffing need.
  3. Are you finding more Hispanic businesses planning to apply for a bank loan or open a line of credit?
    • 49% are applying for a bank loans to be able to help promote their business, invest in equipment and new products due to having additional items needed to follow government guidelines.
  4. Are your clients optimistic about the future and looking to expand?
    • They are optimistic but rate their current financial situation as fair, so mostly increase revenue not necessary expand, currently they are having to maintain their current environment to sustain, not necessary grow.
  5. Do they expect their revenue to increase over the next year?
    • Most Hispanic business owners expect their revenue to increase over the next year, and optimistic about hiring plans since last fall since most cities are slowly going back to normal.

Roxane Borges, Bank of America Senior Vice President, Region Executive, Small Business in South Florida

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