While 67% of business owners are concerned a recession will impact their business over the next 12 months, 77% of entrepreneurs say their business is equipped to survive a recession, according to the new Bank of America 2022 Women & Minority Business Owner Spotlight.  

• 66% of business owners expect revenue to increase in the next 12 months—a seven-year high – with minority-led companies leading non-minority counterparts in these positive projections. 

• 88% of small business owners are being impacted by inflation and supply chain issues, causing them to raise prices 

• With 61% of business owners feeling the effect of labor shortages, hiring plans reached the highest levels in seven years—38% of business owners are looking to hire in the next 12 months