Annual Bank of America report also spotlights women, Hispanic-Latino, Black, and Asian American and Pacific Islander business owners’ concerns and outlook
CHARLOTTE, N.C., Oct. 4, 2023 /PRNewswire/ — Small business owners nationwide continue to be bullish on their own business outlook, as 67% anticipate revenue growth over the next 12 months, despite the ongoing impacts of inflation and high operating costs, according to Bank of America’s 2023 Women & Minority Business Owner Spotlight.
The survey of more than 1,000 small business owners across the country explores the outlook of all entrepreneurs, with specific insights on the perspectives of women, Black, Hispanic-Latino, and Asian American and Pacific Islander (AAPI) business owners around access to capital, business outlook, work-life balance and community support. Notably, the new study found:
- Economic confidence has dropped since last fall, as 34% of entrepreneurs believe the national economy will improve over the next 12 months (down from 44%), and 41% believe their local economy will improve (down from 48%).
- 77% of small business owners plan to obtain funding for their business, down from 83% in Fall 2022.
- 51% of women business owners believe they currently have equal access to capital, up from 48% in Fall 2022.
- Hispanic-Latino business owners’ revenue expectations held steady despite a notable drop in economic confidence, with 91% believing their revenue will increase or stay the same over the coming year.
- Over the next 12 months, 56% of Black business owners plan to hire more employees, up significantly from 44% in Fall 2022.
- 89% of AAPI business owners think their revenue will increase or stay the same over the next year.
“While facing multiple obstacles and challenges over the past year, today’s entrepreneurs continue to persevere and move forward with their growth and expansion plans,” said Sharon Miller, President, Small Business, Head of Specialty Banking and Lending at Bank of America. “Our…
Read the full article here