Sharon Miller, President and Co-Head of Business Banking and Raul Anaya, President and Co-Head of Business Banking
We are pleased to share the 2024 Hispanic-Latino Business Owner Spotlight. This report explores the viewpoints, challenges and goals of Hispanic-Latino business owners with revenues up to $50 million. This year, we’re seeing that most Hispanic-Latino business owners are optimistic about their businesses and plan to expand over the next 12 months. They are much more confident in the U.S. economy than non-Hispanic-Latino business owners. Additionally, Hispanic-Latino business owners are proving their resilience in 2024, pivoting their business plans to combat concerns such as inflation, supply chain issues and staffing shortages. With the labor market top of mind, many are focusing on retaining staff by investing in educational resources and implementing employee engagement strategies. Many are leveraging new technology, using AI and automation tools to help with the hiring process and updating routine operations for current employees. Hispanic-Latino business owners also prioritize engaging with their communities by supporting local events and Latino-specific issues through their businesses. While many still face stereotypes, these business owners are focused on leveraging their unique perspectives to have a positive impact in their communities. We are pleased to support and celebrate Hispanic-Latino business owners and are inspired by their ability to successfully manage, sustain and expand their businesses while investing in their bright futures. At Bank of America, we remain committed to providing all business owners with the resources they need to grow and achieve their goals.
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