Nationwide, Hispanic-Latino small business owners are seeking educational resources to help them navigate the economic challenges like inflation, interest rates, and supply chain. In fact, the Bank of America 2023 Women & Minority Business Owner Spotlight found that 84% Hispanic-Latino business owners wish they had more educational resources centered around their small business and that 77% of Hispanic-Latino business owners invest in educational resources for their employees, including training and mentoring programs.
Data from Nuestro Iowa reported over 1,500 small businesses owned by the Hispanic-Latino community in Iowa, generating over $160 million in annual revenue. Other notable findings from the report include:
- 89% of Hispanic-Latino business owners plan to obtain financing for their business in the year ahead, but nearly half (43%) have encountered challenges accessing capital
- Three-fifths (60%) of Hispanic-Latino business owners believe they currently have equal capital access
- 51% of Hispanic-Latino entrepreneurs plan to expand their business over the next year, and 43% plan to hire more employees
- 63% of Hispanic-Latino entrepreneurs also believe their revenue will increase in the next 12 months.
“The data speaks volumes: Hispanic-Latino small business owners in Iowa are resilient and ambitious, facing economic challenges head-on. They yearn for educational resources to navigate the winds of change, demonstrating their commitment to growth and community prosperity. Their strong belief in the future, marked by expansion, employment opportunities, and revenue growth, is a testament to their unwavering spirit.” said Rafael Colon, Vice President, Small Business Banker, Bank of America Iowa.
“The data shines a light on their determination to surmount economic challenges, emphasizing the need for accessible educational resources. With a diverse landscape of businesses generating substantial revenue and a strong drive to expand, hire, and grow, the future holds promising prospects for the Hispanic-Latino community in Iowa, reaffirming their vital role in the state’s economic landscape.” Colon added.