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  HOME | Business & Economy (Click here for more)

BofA Executive: Hispanic Small Business Owners Have Strong Fighting Spirit

LOS ANGELES – A Small Business Central Division executive at Bank of America told EFE that Hispanic business leaders have a strong fighting spirit and are able to overcome difficulties due to their optimism and their community’s drive to succeed.

“Hispanics are real fighters. For them, there will always be a goal and also an obstacle, but they look for ways to adapt and excel because they come here to accomplish their goals and they long for their American Dream,” Elizabeth Romero said in an interview.

“They’ll always have their concerns, and things will never be perfect, but the good thing is they always look for ways to push forward,” she added.

On Tuesday in East Los Angeles, a predominantly Hispanic area of Los Angeles County, Bank of America presented its “2018 Hispanic Small Business Owner Spotlight” survey.

That study revealed that Hispanic entrepreneurs were more optimistic and confident about their companies’ development and the economic situation in the United States than their non-Hispanic peers.

Among the key results, it showed that 71 percent of Hispanic entrepreneurs surveyed expected their revenues to increase in 2018, compared with just 50 percent in the case of non-Hispanic respondents.

In addition, 37 percent of Hispanic business owners said they planned to hire more employees this year, while only 16 percent of non-Hispanic entrepreneurs expected to expand their staff.

The survey also revealed that 60 percent of Hispanics were optimistic that the national economy would improve in 2018, while only 46 percent of non-Hispanics gave that same positive assessment.

Romero, who noted that she is Hispanic and comes from a family that got ahead through business, said the survey results did not surprise her “in the least.”

“It was nice to see the optimism and the confidence that Hispanic small business owners have,” she said.

The executive also underscored the importance of cultural heritage for these entrepreneurs, who said that being a member of the Hispanic community had helped their businesses prosper.

“Hispanics are very united. They’re close to their family and friends and look for ways to help one another. That’s benefited them in expanding their businesses in that it’s helped them form tighter bonds with other people,” Romero said.

The way in which Hispanic entrepreneurs operate also can be instructive for non-Hispanic business owners, according to the executive.

“What they can learn is to help one another. Really, it doesn’t matter if you’re Hispanic or not: if we would come together as a community, the world would be a better place for everyone,” she said.

 

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