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Hispanic entrepreneurs are optimistic about hiring increase in 2022

A woman works in a clothing store made with fabrics created in the company's indigenous Mexican communities "Social Factory".

A woman works in a clothing store made with fabrics created in the Mexican indigenous communities of the company “Fabrica Social”.

Photo: Pedro Pardo / Getty Images

Hispanic entrepreneurs in the United States are optimistic about the performance of their companies in 2022. Even 43% expect to hire new employees, according to a study published by Bank of America.

As part of its Hispanic Heritage Month celebration (Sept. 15-Oct. 15), Bank of America released its “2021 Hispanic Business Owner Spotlight” report, which analyzes trends between the entrepreneurs of this community.

The study explains that 84% of Hispanic entrepreneurs changed as a result of the pandemic, now they plan to improve factors such as the well-being and health of their employees with work schedules that allow them to have flexible hours, do their work remotely and providing monetary incentives.

Other measures that Latino or Spanish-speaking entrepreneurs are beginning to consider to improve the level of well-being of their employees is to improve the payment of the days reported as sick or to expand mental health care programs.

Bank of America explains that 61% of Hispanic entrepreneurs voluntarily cut their salary to help keep their workers active.

99% of these entrepreneurs accepted that the pandemic placed them in very stressful scenarios, so they decided to adopt new customs and activities in their daily lives, such as taking time to do activities they enjoy, prioritizing time with family and friends, adopting a healthier lifestyle and adopting a religion or leaning more towards spirituality.

To have the impact and growth they are looking for, Hispanic entrepreneurs will seek the support of bank loans and lines of credit, in order to invest in marketing and promote their companies, to acquire new equipment and to create tools to improve their business.

But not everything is optimism. Bank of America explains that 15% of these entrepreneurs rate the financial situation of their businesses as poor. 60% as tight and only 25% as strong, after the pandemic and the first months of recovery.

43% of Hispanic entrepreneurs have plans to increase their hires. This percentage in 2020 only reached 25%.

81% of those consulted by Bank of America said that in 2022 they expect an increase in their income. 74% of entrepreneurs believe that the economy in their locality will improve while 64% of them believe that in general, the country’s economy will achieve it.

How did these homeowners survive the pandemic? Hispanic entrepreneurs found support in local networks, family and friends.

More than half said they found support from their families, local groups and businesses in their community, to which they have responded with volunteer work, for the benefit of those who live around them.

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