U.S. Hispanic small business owners anticipate a decade of robust expansion and growth, expressing a brighter business outlook than their non-Hispanic peers in the year ahead, according to the fourth annual Bank of America Business Advantage 2020 Hispanic Business Owner Spotlight. The annual study based on a survey of more than 1,000 entrepreneurs across the country reveals:

Outlook remains strong for Hispanic entrepreneurs, exceeding that of their non-Hispanic peers.

• 89 percent of Hispanic entrepreneurs plan to expand over the next 12 months (vs. 68 percent of non-Hispanic entrepreneurs, and up slightly from 87 percent in 2019).

• 79 percent expect their revenue to increase in the year ahead, a four-year high (vs. 57 percent of non-Hispanic entrepreneurs, and up from 74 percent in 2019).

• 45 percent plan to hire in 2020 (vs. 24 percent of non-Hispanic entrepreneurs, and down from 51 percent in 2019).

Hispanic entrepreneurs see the 2020s as a decade of opportunity.

A strong majority of Hispanic business owners (92 percent) believe the small business environment will strengthen for their community over the next five years, and 90 percent have set ambitious goals to advance or grow their business in the new decade. Specifically, their top five goals over the next 10 years include: significantly increasing revenue (57 percent), prioritizing the digital presence of their business (45 percent), expanding into new markets (34 percent), significantly increasing staff (30 percent), and automating business operations (29 percent).