87% of Hispanic Entrepreneurs Plan to Expand Their Businesses

Hispanics make up 18.1% of the US population with close to 60 million people. More and more Hispanic entrepreneurs serve this population.According to the 2019 Bank of America Hispanic Small Business Owner Spotlight (PDF), 87% of Hispanic entrepreneurs plan to expand their business this year. This translates to 20% higher than non-Hispanic business owners.Hispanic business owners get their optimism from the community they serve, family and their employees. And this led to exceptional growth, exceeding the expectations of owners when they started their venture.Still a tight labor market makes it much harder to find the right talent and keep them. Elizabeth Romero, Small Business Central Division executive from Bank of America says this is one of the challenges this demographic is facing.