Buoyed by optimistic views on the economy and their own performance, more Hispanic small business owners may consider taking out a small business loan to expand and develop their operations. Recent reports show many Latino entrepreneurs are planning to hire this year and anticipate better business results in 2013 than what they had in 2012.
According to a survey by TD Bank, 70 percent of Latino small business owners polled believe their enterprises would garner stronger results this year than last year. In addition, 53 percent of Hispanic business professionals reported they intend on hiring new employees to help them with their company this year.
When compared to the general market, Hispanic entrepreneurs exhibited a rosier view of future business expectations than their counterparts. The poll indicated that 64 percent of Hispanic small business owners have positive expectations for the year ahead; overall, 40 percent of general business owners expressed the same optimistic outlook.
One of the reasons for this optimism may be due to the growing number of Hispanic small businesses. According to the U.S. Census Bureau, Latino-owned businesses increased between 2002 and 2007 by 43.7 percent to 2.3 million. In addition, a recent Fox News report estimated the number of Hispanic small business owners in the U.S. has grown to 3 million.
Although Hispanic-owned businesses are increasing, the TD Bank poll showed only 30 percent of Latino small business owners sought capital from a lending institution to fund their company. Having enough finances available to expand operations and add more workers is essential to small businesses’ growth and success. However, the ability to secure proper credit is one of the biggest concerns Hispanic small business owners admitted they faced this past year.
Small business owners interested in securing the finances need can contact National Funding to learn about the financing and equipment leasing opportunities available to spark small business growth and success.
