- Latino and Hispanic entrepreneurs have greater intentions to expand their businesses than Americans or citizens of other nationalities | Photo: EFE
The study 2024 Hispanic-Latino Business Owner Spotlightconducted by Bank of America, projects that more than 80% of Hispanic-Latino businesses in the United States will experience growth in revenue during 2025.
The study data offers a detailed view of the expectations and challenges faced by Hispanic-Latino entrepreneurs in the country, with a particular focus on the community, since they are the ones who trust that the economy will improve in the next 12 months.
This rate of prosperity is supported by the report’s surveys, where 78% of non-Hispanic business owners anticipate an increase in their income over the next 12 months, with the figure being even higher among Hispanic and Latino business owners, reaching 82%. , and addressing various aspects of the corporate landscape in the country.
In terms of expansion by 2025, 63% of non-Hispanic businesses plan to do so, while the rate among Hispanics and Latinos rises to 78%.
Likewise, in terms of hiring, 52% of non-Hispanic companies intend to increase their workforce; and Hispanic and Latina women will do so at 64%.
The difference between the economic boom and expansion of entrepreneurs from the Hispanic and Latino community compared to non-Hispanics is seen in the greater economic confidence that the former maintain about the growth of the national economy next year, which is placed at 76% compared to that of non-Hispanics which is at 59%.
This optimism is repeated at a global level, where 72% of Hispanic and Latino businessmen believe that there will be positive projections in the economy, compared to 57% of non-Hispanics, in a context where in July the International Monetary Fund (IMF) raised its expectations for 2025 up to 3.3%, one tenth more than anticipated in April.
Latinos seek to adapt
According to data from the State of Latino Entrepreneurship, from the Stanford Graduate School of Business Studies, despite the fact that at least 5 million Hispanic and Latino businesses contribute $800 billion to the United States economy each year, for these entrepreneurs access to capital continues to be a challenge.
The Bank of America study showed that 55% of business owners in this community believe they currently have equal access to capital, 53% have experienced difficulties trying to obtain it; This is important information, especially when to support upcoming growth plans, the same study reveals that 94% of them plan to obtain financing in the next 12 months.
On the other hand, particularly in the workplace, the 2024 Hispanic-Latino Business Owner Spotlight shows that the majority of Hispanics and Latinos, represented at 81%, report that the labor shortage is impacting their businesses.
Furthermore, the study reveals that this data is manifested on several fronts, since 34% of Hispanic and Latino entrepreneurs have difficulties filling vacant positions; 33% increase salaries to attract competitive talent; and another 33% are working more hours in person due to staffing shortages.
To address these challenges and maintain their growth projections, business owners are adopting innovative strategies where they use artificial intelligence tools to assist in hiring, employ automation to streamline operations, or evaluate whether they can perform job functions sooner. to hire new staff.
With information from EFE
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This drive for access to financing underscores the determination of Hispanic-Latino entrepreneurs to grow and thrive despite the obstacles they face. Moreover, the anticipated growth among these businesses not only contributes significantly to the US economy but also highlights the resilience and innovation present within the Hispanic-Latino community.
As this community continues to navigate challenges, the insights gathered from the Bank of America study offer a glimpse into their expectations and optimism for the future. With greater confidence in economic recovery and plans for expansion and hiring, Hispanic-Latino business owners are poised to make substantial impacts in the upcoming years.
the 2024 Hispanic-Latino Business Owner Spotlight suggests a bright future for Hispanic-Latino businesses with robust revenue growth expectations and a proactive approach to overcoming financial hurdles. The resilience and ambition of Hispanic-Latino entrepreneurs will likely play a crucial role in shaping the economic landscape of the United States in the coming years.