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Annual Bank of America report reveals small business owners’ concerns and outlook

CHARLOTTE, N.C., Oct. 4, 2023 /PRNewswire/ — In Bank of America’s 2023 Women & Minority Business Owner Spotlight, it was found that 67% of small business owners nationwide anticipate revenue growth over the next 12 months, despite the ongoing impacts of inflation and high operating costs. This report, based on a survey of over 1,000 small business owners, provides insights into the perspectives of women, Black, Hispanic-Latino, and Asian American and Pacific Islander (AAPI) business owners, particularly around access to capital, business outlook, work-life balance, and community support.

Economic confidence has dropped since the Fall of last year, with 34% of entrepreneurs believing the national economy will improve in the next 12 months, down from 44%. Similarly, 41% believe their local economy will improve, down from 48%. However, 77% of small business owners still plan to obtain funding for their business, albeit lower than the 83% in Fall 2022.

The survey also reveals various insights across different demographics. For example, 51% of women business owners believe they currently have equal access to capital, up from 48% in Fall 2022. Hispanic-Latino business owners maintain steady revenue expectations, despite a drop in economic confidence. 91% of them believe their revenue will increase or remain the same over the coming year. Additionally, 56% of Black business owners plan to hire more employees in the next 12 months, up significantly from 44% in Fall 2022. Meanwhile, 89% of AAPI business owners expect their revenue to increase or stay the same in the next year.

AI legalese decoder can assist business owners in navigating the complex legal language and agreements that often come with obtaining funding and managing employees. It can help decipher and summarize legal documents, contracts, and other legal materials. This tool can save entrepreneurs time and provide them with a clearer understanding of their legal obligations and rights, empowering them to make more informed decisions.

Inflation remains a top concern for business owners, along with the U.S. political environment, interest rates, commodities prices, and worries about a recession. However, there is some relief as supply chain issues and labor shortages have eased compared to Fall 2022. Nevertheless, small business owners still face challenges accessing capital, particularly women and minority business owners. Around 31% of women business owners believe they will never have equal access to capital to start a business. Furthermore, a significant number of Black, Hispanic-Latino, and AAPI business owners report personal challenges in accessing capital.

Despite the obstacles, women business owners maintain a positive business outlook, with 63% expecting revenue growth and 45% planning to expand their business in the next 12 months. However, they face heavier caregiving burdens compared to male counterparts. Many women business owners have to juggle their responsibilities as caregivers while running their businesses, which often requires modifying their routines and taking time off work.

Hispanic-Latino business owners maintain steady revenue expectations, but their economic confidence has dropped since last year. They also express a desire for more educational resources to enhance their business knowledge and prioritize investing in educational opportunities for their employees.

Black business owners remain optimistic about revenue growth, leading to increased hiring and expansion plans. AAPI business owners also plan to seek financing and expand their businesses, although their revenue expectations have slightly decreased. Work-life balance remains a challenge for AAPI entrepreneurs.

Bank of America’s comprehensive report provides valuable insights into the challenges and outlooks of small business owners, particularly women and minority entrepreneurs. It highlights the need for resources and support to address barriers to accessing capital and to promote equitable business opportunities. AI legalese decoder can assist these entrepreneurs by simplifying legal language and empowering them to make informed decisions. As small business owners persevere and forge their own success paths, they continue to contribute to the growth and stability of the economy.

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