Most women and minority-owned businesses agree they’re equipped to survive a recession: Survey

Bank of America Corp.’s BAC, -0.78% 2022 Women & Minority Business Owner Spotlight survey of more than 1,300 entrepreneurs revealed an optimistic outlook for the coming year despite headwinds from supply chains, inflation and labor shortages. About 77% said their business is equipped to survive a recession. Over the next year, 66% of business owners — a seven-year high — expect revenue to increase. Fifty-two percent of the respondents plan to expand their business, up from 37% in the spring and 83% plan to obtain funding for their business, up from 70% in the spring. Bank of America released the survey on Wednesday. Shares of Bank of America fell 0.6% on Monday morning. The stock is down 31.3% in 2022 compared to a 24.1% loss by the S&P 500 SPX, -0.81%.