[October 13, 2017] |
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New Survey: Latino Small-Business Owners Expect Higher Revenue
Latino small-business owners say they expect to have much higher
revenues, hire more employees and are focused on attracting millennial
customers, according to a new survey results from U.S. Bank released
during Hispanic Heritage Month.
Half of Latino owners said they expected higher revenue this year
compared with only about one third of owners overall, according to U.S.
Bank's first survey of Hispanic small business owners.
"Latinos are bullish on their companies' ability to grow. They are much
more optimistic about their likelihood of higher revenues compared to
the average entrepreneur," said Ross Carey, head of business banking at
U.S. Bank.
In other signs of Hispanic company growth compared to the national
average, more Latinos said they tried or were able to borrow capital in
the last six months (26% vs. 14%); were likely to increase their capital
expenditures (55% vs. 40%), and were planning to hire (43% vs. 26%).
Seventy percent of Hispanic small business owners are actively marketing
to millennial customers compared with 48 percent of all business owners
surveyed. Of the top six social media services companies use, Latinos
are employing them at higher rates than the average business owner.
Those platforms are, in order of use, Facebook, LinkedIn, Twitter,
Instagram, YouTube (News - Alert) and Pinterest, the survey found.
"Latino business owners tend to be younger and that probably explains
their fearlessness in embracing technology and social media to market
and operate their companies," Ervin Blanco, district manager for U.S.
Bank in Chicago.
More Hispanic small business owners are also using technology for their
businesses, the survey found. Examples includ making and accepting
mobile payments, accessing online bank accounts, text alerts for
marketing their products/services, managing social media accounts on
mobile devices, depositing checks and either using or planning to use
video communications.
Not all of the survey results were rosy. Although Latino business owners
are optimistic about the economy, 70 percent of them struggled to find
and hire quality employees. They also planned to take less vacation time
than the average small-business owner.
This survey is part of a wider effort by U.S. Bank to support Hispanic
business owners by providing them with information, tools, advice and
small-business services that are tailored to their needs. The bank has a
strong presence in areas including Los Angeles, Chicago, Las Vegas and
Phoenix where there are large Hispanic populations.
U.S. Bank places a priority on providing the financial products and
services small businesses need to help them navigate important financial
milestones. They include deposit accounts and cash flow management, card
payment and acceptance tools, equipment leasing and wealth management.
U.S. Bank was the
fifth largest lender of SBA loans in the country in fiscal 2017
with $509 million in volume.
The survey of 3,200 small business owners within U.S. Bank's 25-state
national footprint was conducted in January and February 2017, including
an oversample of 200 Hispanic business owners. Respondents all had less
than $10 million in annual revenue, with half under $200,000. Download a summary
of survey results here.
About U.S. Bank
Minneapolis-based U.S. Bancorp (NYSE: USB), with $464 billion in assets
as of June 30, 2017, is the parent company of U.S. Bank National
Association, the fifth largest commercial bank in the United States. The
Company operates 3,088 banking offices in 25 states and 4,826 ATMs and
provides a comprehensive line of banking, investment, mortgage, trust
and payment services products to consumers, businesses and institutions.
Visit U.S. Bancorp on the web at www.usbank.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171013005042/en/
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