A letter from: Sharon Miller, President and Co-Head of Business Banking and Raul Anaya, President and Co-Head of Business Banking

We see that business owners are optimistic about the year ahead, with most reporting confidence in the economy, anticipating revenue increases and planning for expansion. Sharing this strong economic outlook, most women, Hispanic-Latino, Black/African American and AAPI business owners are anticipating revenue growth over the next 12 months. However, challenges such as inflation and supply chain issues continue to concern business owners, with many AAPI business owners reporting that better supply chains would improve their economic confidence.

Business owners are also optimizing their productivity and prioritizing the experiences of their employees in an effort to address labor concerns. AAPI business owners are using new technology like AI and automation tools to help in the hiring process and Hispanic-Latino and Black/African American business owners are investing in employee education.

Looking ahead, many business owners are planning to expand their businesses and apply customer engagement strategies. Black/African American business owners are personalizing customer interactions to strengthen loyalty and women business owners are prioritizing work-life balance despite strong expansion plans. We are continuously impressed by all business owners’ abilities to manage, sustain and expand their businesses. At Bank of America, we remain committed to providing business owners with the resources they need to grow and achieve their entrepreneurial dreams.