By Edgar Luna
Houston (USA), Mar 5 (EFE) .- Elizabeth Romero, executive of the Small Business Division of Bank of America, said in an interview with Efe that Hispanic entrepreneurs, with an optimism index higher than their non-Latino colleagues, “they do not let themselves be defeated and they struggle to achieve their dreams”.
“The Hispanic who has a small company is someone who fights, he does not let himself be beaten and he struggles to achieve his dreams … They came to the United States to be someone, for themselves and their families,” Romero explained.
The financial executive argued that Latino business owners “are looking for ways to turn any obstacle into something positive.” “This year their businesses have grown much more than they expected, which is a very big motivation for them, their employees, their family and their community,” he added.
Bank of America presented on Monday the “III Hispanic Focus of the Small Business Owners Report”, a study that points out that Hispanic entrepreneurs show greater optimism and confidence than those who are not with respect to the evolution of their companies and about the economic situation in the United States. The analysis indicates that almost 9 out of 10 Latino entrepreneurs plan to expand their business in the next 12 months, compared to 67% of non-Hispanics who claim the same.
Likewise, 79% of Latino owners plan to expand their business within 5 years, compared to 55% of non-Latinos. The study has a sample of 1,067 owners of small businesses, with annual revenues of between 100,000 and 4,999,999 dollars and a size of 2 to 99 employees, as well as more than 300 interviews with Hispanic entrepreneurs.
The index of optimism othat includes the report shows that the Hispanic owners of societies trust more in the advance of the economy, as much to personal level as national. Thus, 68% of Latinos believe that their economy will improve in the next 12 months, as opposed to the 54% observed among non-Latinos surveyed.
“There is a lot of confidence and optimism at the local and national level, although there are also concerns, such as the cost of health coverage, which has come out (as a major concern) in the last three years,” Romero said in the interview.
The cost of medical care (70%), the price of basic products (61%) and the tariffs and commercial policies of the President’s Government (60%) are the issues that most concern Hispanics. “We have not gone into detail about the reasons, but it can be cultural, and Hispanics who have small businesses worry about what’s going on,” he said.
Romero said that the Bank of America is “very interested” in knowing the expectations and concerns of Hispanics, who make up 11% of the business owners portfolio of the financial institution. To be closer to those customers, the board said that a third of the bank’s staff speaks Spanish, both in the branches and on the phone, and defended that digital content and applications are also translated into that language, among other initiatives .