Amy Dawona

In accordance with the brand new Financial institution of America 2022 Ladies & Minority Enterprise Proprietor Highlight, 67% of executives are involved {that a} recession will have an effect on their enterprise within the 12 months forward, whereas 77% say their enterprise will expertise a recession. He says he is able to get by means of it.

In Oklahoma Metropolis, low unemployment has been a consider continued development, with employment numbers projected to quickly surpass pre-pandemic ranges. OKC’s enterprise atmosphere is numerous, and analysis insights into women- and minority-owned companies can see rising tendencies within the native economic system.

Current analysis covers a number of key demographics, together with feminine, black, and Hispanic-Latino enterprise house owners. His 66% of enterprise house owners anticipate their earnings to extend within the subsequent 12 months, his highest degree in seven years. Minority-led firms lead non-minority firms in these constructive projections. Hiring plans additionally hit their highest degree in seven years, with 38% of respondents saying they’re contemplating hiring within the subsequent 12 months.

Feminine enterprise house owners have a constructive outlook, with 47% planning to broaden their enterprise within the subsequent 12 months. Many ladies really feel their companies face distinctive challenges, with 29% citing lack of equal entry to capital and 60% citing an absence of equal entry to capital, in comparison with her 51% of males. He says he’s self-taught. Regardless of these obstacles, 71% really feel able to climate the recession.

Throughout the Black group, enterprise house owners are utilizing platforms to drive social change, with 2 in 5 actively working for social causes. Whether or not volunteering or monetary commitments, these efforts have fueled development, with 61% reporting elevated gross sales and 40% being extra linked to their communities.

Hispanic Latino enterprise house owners are extra optimistic about their enterprise prospects than different enterprise house owners. Over the following 12 months, 71% anticipate a rise in income and 59% need their enterprise to develop. For the Hispanic-Latino group, native involvement is a two-way road, with 60% of homeowners saying their group performs an lively position in supporting their enterprise, and almost 9 in 10 , says it actively offers again to the group by means of donations and volunteer work. and different methods.

Confronted with many challenges corresponding to inflation, provide chains and labor shortages, small enterprise house owners proceed to play an important position in native and nationwide economies. OKC’s numerous, enthusiastic and lively cohort of small enterprise house owners continues to make this an important place to work and stay. Financial institution of America is thrilled to assist these firms and his total OKC group.

Amy Dowuona is a small enterprise banker at Financial institution of America Oklahoma Metropolis.

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