Latino small-business owners say they expect to have much higher revenues, hire more employees and are focused on attracting millennial customers.
This is the key finding from a new survey from U.S. Bank released during Hispanic Heritage Month.
All told, half of Latino owners said they expected higher revenue this year compared with only about one third of owners overall, according to U.S. Bank’s first survey of Hispanic small business owners.
“Latinos are bullish on their companies’ ability to grow. They are much more optimistic about their likelihood of higher revenues compared to the average entrepreneur,” said Ross Carey, head of business banking at U.S. Bank, in a provided press release.
In other signs of Hispanic company growth compared to the national average, more Latinos said they tried or were able to borrow capital in the last six months (26% vs. 14%); were likely to increase their capital expenditures (55% vs. 40%), and were planning to hire (43% vs. 26%).
The report summary notes that seventy percent of Hispanic small business owners are actively marketing to millennial customers compared with 48 percent of all business owners surveyed.
To review the complete survey summary, click here.