Minority and women business owners expect a boom in 2025

By Sacha Wedner A study released in partnership with Bank of America revealed that most minority and women-owned businesses anticipate a spike in revenue and growth over the next 12 months. The study conducted before the November election shows that 84% of Black/African Americans, 83% of Asian American and Pacific Islanders, 82% of Hispanic/Latino Americans, and 76% of women anticipate a growth in revenue over the upcoming year. The results were published as part of the 2024 Bank of America Women & Minority Business Owner Spotlight. The survey consisted of 2,324 small and mid-sized business owners across the U.S. and provides insight into business outlook, access to capital, employee management, and interactions with the community. “As inflation cools and interest rates decrease, we may see further improvement of this economic confidence, with business owners returning to loans to finance their expansion plans”, said Carol Lee Mitchel, the Managing Director at Bank of America, in an email interview with AsAmNews. “Bank of America Institute’s October Small Business Checkpoint also suggests this trend, with small businesses potentially rotating away from credit card usage and toward traditional loans which can be used to invest in the futures of their businesses.” Across the board,...