Peruvian Restaurant, Costanera, flourishes in Montclair, New Jersey. Owner Juan Andres Placencia says that his business is “financially sound.” (Photo/Brian Latimer)

Latino small business owners most optimistic, says survey

Latinos keep proving they are the true backbone of the U.S. economy. A recent survey reports Latino small business owners are among the fastest growing and most upbeat in the nation.

Hispanic small business owners indicated significantly more optimism in the national economy than their peers,” reports Bank of America (BofA) survey of 1,000 businesses throughout the country—100 of which were Latino owned.

Forty-eight percent of Latino small business owners have faith that the national economy will improve within the next 12 months.

“Small business owners have more confidence in their local economy than the national economy. When asked about the next 12 months, 42 percent expect their own local economic conditions to improve compared to 35 percent who expects the national economy will improve,” states BofA’s report.

According to the Minority Business Development Agency, Latino businesses grew 44 percent between 2002 and 2007 compared to just 18 percent growth of small businesses throughout the country.

“At the SBA, we know that our fastest growing segments in small business are women-owned small businesses [and] Hispanic-owned small businesses,” told Karen Mills, the head of the Small Business Administration, to the Chicago’s Daily Herald.

The survey shows that Latinos are more likely to worry about oil prices than the effectiveness of politicians in Washington. Along with this confidence in the country, Latinos tend to ask for financial help more often. Eighty-one percent of Latino owners hire bookkeepers compared to 68 percent of all small business owners throughout the country.

The survey also showed Latino small business owners seem to worry less about job security and are more positive and humble. That must be the secret of success in these trying economic times because Latino small businesses are booming.



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