Hispanic small businesses optimistic, plan to grow, TD Bank survey finds

Most Hispanic small business owners in Florida are optimistic about the business climate and have plans to grow in the year ahead, according to data released by TD Bank in its second annual Florida Small Business Pulse Check survey.

According to the survey, 85 percent of Hispanic small business owners are on track to meet or exceed their revenue goals this year, an improvement from 78 percent in 2014, while 19 percent anticipate 2015 will be their best year yet. Less than half (40 percent) feel the U.S. economy has had a negative effect on their business, compared with 60 percent in 2014, a sign of overall optimism in the state. Nearly half – 43 percent – plan to expland product or service offerings, while 16 percent plan to invest in developing new products or services. About 21 percent of Hispanic business owners are planning to add employees within the next year.

“Hispanic small business owners in Florida are feeling good about their business prospects, which is encouraging for the state's economy,” said Ernie Diaz, TD Bank’s regional president of Florida. “It's a great time for business owners seeking to sustain and build off their business' momentum to begin thinking about expanding, and we encourage owners to consult with their trusted financial advisors for solutions to reach their business goals.”

Hispanic owners also were asked if their business is certified minority-owned;20 percent answered affirmatively. “Becoming certified as a minority-owned business provides more opportunities to compete for government and corporate contracts, increasing a business' overall earning potential,” Diaz said. “This certification can also mean a business is eligible for certain forms of financing with the Small Business Administration.”

Nancy Dahlberg