New Survey: Latino Small-Business Owners Expect Higher Revenue
October 13 2017 - 10:00AM
Business Wire
U.S. Bank survey results show Hispanic
owners are heavy users of technology
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 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 include 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20171013005042/en/
U.S. BankShera Dalin,
314-335-3335shera.dalin@usbank.com@usbank_news
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