Bank of America's 2023 Women & Minority Business Owner Spotlight revealed that a majority of small business owners across the United States maintain a positive outlook for their businesses, with 67% expecting revenue growth in the next year, despite challenges posed by inflation and operating costs. The report highlights these findings regarding small business sentiment from an online survey conducted by Bank of America.

"With an ever-changing path forward, I am encouraged to see the strength and resilience of our small business owners," Sharon Miller, President of Small Business and Head of Specialty Bank & Lending at Bank of America, said in the report. "These entrepreneurs are the backbone of our economy, and they help drive progress and economic development in our communities every day. Whether you’ve been in business for decades or are just starting out, Bank of America is committed to helping provide you with the resources necessary to manage, sustain and grow your business."

The report outlines that entrepreneurs are less optimistic, with 34% expecting a better national economy (down from 44%) and 41% predicting local economic improvement (down from 48%). The desire for business funding has decreased to 77% from 83% in Fall 2022. Meanwhile, 51% of women business owners feel they now have equal access to capital, an increase from 48% in Fall 2022 according to the report.

“While facing multiple obstacles and challenges over the past year, today’s entrepreneurs continue to persevere and move forward with their growth and expansion plans,” Miller said in a press release. “Our newest report illustrates that despite a changing business landscape, women and minority small business owners continue to forge their own pathways to success while remaining pillars in their local economies.”

The report reveals that 31% of women business owners believe they might never attain equal access to capital for starting a business, along with 35% of Black business owners, 20% of Hispanic-Latino business owners, and 20% of AAPI business owners. Furthermore, minority business owners face their own set of challenges in accessing capital, with 44% of Black, 43% Hispanic-Latino, and 31% of AAPI business owners experiencing difficulties. Despite these challenges, women business owners maintain a positive outlook: 63% anticipate revenue growth, 45% plan business expansion over the next year, 74% intend to secure funding, and 32% aim to hire more employees, according to the report.