September kicks off National Hispanic Heritage Month, a time to celebrate Hispanic culture, traditions and heritage – especially Hispanic-owned small businesses nationwide. A new Bank of America study found that Hispanic entrepreneurs are recognizing the importance of their employees during a challenging year, as 84% have changed, or plan to change, their approach to employee wellness and benefits as a result of the pandemic. Despite financial challenges, 61% have cut their own pay to keep employees on staff.

In addition, nearly all Hispanic entrepreneurs surveyed said the pandemic created additional stress from running their small business. To cope, Hispanic SBOs have made it a priority to do more enjoyable activities in their free time, spend more time with family and friends, and adopt other healthy living habits to re-center themselves.

Despite these stressors, Hispanic SBOs report a positive economic outlook for the year ahead. In fact, most expect their revenue to increase over the coming year and have also revised hiring plans since last fall. Investing in their local communities and creating jobs and opportunities for their fellow neighbors remains a top priority for Hispanic SBOs as they work to grow and expand their operations. Over the next 12 months, Hispanic SBOs’ outlook remains bright:

81% expect revenue to increase

74% believe their local economy will improve

64% believe the national economy will improve

43% plan to hire new workers

Further, the Bank of America study explored how Hispanic SBOs have closely leaned on their communities and families to help guide their businesses through the pandemic and the financial hurdles of 2021.