Monthly Archives: October 2022

Port St. Lucie Business Women unite to raise funds for breast cancer research

Port St. Lucie Business Women unite to raise funds for breast cancer research

 

Port St. Lucie Business Women, family members and friends joined together in support of Making Strides Against Breast Cancer. Back row: Elaine Anderson, Ellen Falk, Madelyn Katz, Donna DeMarchi, Jennifer Wiggins and her son Carter, Dorothy Kamm; Front row: Diann McDonough, Mandy Sauter and her daughter, Mindi Fetterman

 

After a three-year hiatus, the Port St. Lucie Business Women joined forces, forming a team of walkers, and proudly sponsoring a water station at the Making Strides Against Breast Cancer walk held on October 22 in Tradition. “Surviving and Thriving” was the theme that united 15 Port St. Lucie Business Women and their family members and friends, several of whom are survivors themselves.

Clusters of pink and lavender flowers were chosen to depict the theme of surviving and thriving in the Port St. Lucie Business Women’s custom team T-shirt, designed by Business Women member Diane Gallagher of DSG Designs & Photography.

Breast cancer is the second most common cancer in American women and the second leading cause of cancer death in women. Due to improvements in treatment and early detection, there has been a 40 percent decline in breast cancer deaths since 1985. Funds raised from Making Strides Against Breast Cancer has funded breakthrough research, provided free rides to cancer patients, wigs free of charge to women, and other support services, access to lifesaving screenings, and so much more. The Port St. Lucie Business Women is proud to support the American Cancer Society’s search for a cure, education and outreach.

The Port St. Lucie Business Women is a 42-year-old, 501 (c) (6) non-profit professional organization dedicated to promoting the interests of businesswomen and serving our community effectively. For more information, visit PSLBW.com. Follow their Facebook page for updates about events, programs and community involvement.

 

 

Treasure Coast Business is a news service and magazine published in print, via e-newsletter and online at tcbusiness.com by Indian River Media Group. For more information or to report news email [email protected]
Oct. 31, 2022|

Lois McGuire joins EFMC board

Lois McGuire joins EFMC board

 

Lois McGuire

Lois McGuire, who has enjoyed an esteemed career in the academic world, has joined the board of the Education Foundation of Martin County (EFMC).

The news was shared by Lisa Rhodes, EFMC Executive Director, who has worked closely with McGuire on several EFMC projects.  “Lois has been a life-long education advocate and longtime supporter of the EFMC.  We are fortunate to now have Lois lend her leadership and expertise as a board member.”

McGuire and her husband moved to Harbour Ridge Yacht & Country Club from Bayonne, N.J. in 2002. Prior to that she spent decades teaching in New Jersey schools, beginning her career as a fourth and fifth grade teacher, rising to Superintendent of Schools in Kinnelon, the job from which she retired.

She received several awards for excellence in teaching from the State of New Jersey. A highlight of McGuire’s career came when she was asked to join then-New Jersey Governor Thomas Kean at a Governor’s Conference in Cincinnati to discuss at-risk youth.

McGuire earned a Doctorate in Education from Rutgers University and has been a consultant to the U.S. Department of Education and the New Jersey Department of Education.

A born teacher through and through, McGuire created an innovative English as Second Language program when she first moved to Harbour Ridge. Many employees in the community’s landscape, food services and maintenance departments were Spanish-speaking only, making it difficult for them to communicate with residents.

McGuire organized the scores of retired teachers who lived in Harbour Ridge to teach English in a five-day a week program that continued for four-plus years. The attendees earned GEDs, became US citizens and prospered in their jobs. The program was retired when it was no longer needed.

McGuire has also been a member of the Library Foundation of Martin County.

She currently teaches Mah Jongg at Harbour Ridge, where 135 residents take part in a high-energy weekly game. It has become the basis of a successful fundraiser for the Education Foundation of Martin County.  This year’s EFMC Charity Mah Jongg Tournament at Harbour Ridge is scheduled for March 3, 2023.

McGuire is the successful author of several books: Don't Be That KID! at Home, Don’t Be That KID! At School and the Don’t Be That KID! At School Resource Guide to help educators and parents guide their children through the maze of building essential positive character traits.

McGuire says she always wanted to be a teacher. “I love to be engaged in something that helps children. It has been my whole life and it will never stop.  I am honored to be a part of a group of dedicated community members who want to assist teachers to expand the educational possibilities for children in Martin County.”

To learn more about the Education Foundation of Martin County, visit www.educationfoundationmc.org

 

Treasure Coast Business is a news service and magazine published in print, via e-newsletter and online at tcbusiness.com by Indian River Media Group. For more information or to report news email [email protected]
Oct. 31, 2022|

Treasure Coast Business News 10.25.22

*|MC:SUBJECT|*

United Way’s education grant funding is available

United Way of Indian River County is now accepting Letters of Intent in our Education Impact Area through the Community Impact Fund. The Community Impact Fund was established to invest in high-performing nonprofit organizations that provide programs and services aligned with our strategic priority Impact Areas of Education, Financial Stability, and Health. Grant funding recipients help to improve community conditions across our county... Read More>>

Annual party raises funds for Youth Guidance

Youth Guidance Mentoring Academy held it’s 45th Annual Tropical Night Luau on Friday, Oct. 7th at the Boulevard Village and Tennis Club. More than 150 guests gathered to learn about the organization and the programs offered to families of Indian River County.  

Children enrolled in Youth Guidance greeted guests with a warm welcome and adorned them with tropical Hawaiian leis upon arrival... Read More>>

 Halloween casino night is a grand slam for Elev8Hope

An amazing relationship was in the cards when Eva Rivera-Allmacher and Rinamarie Shpiruk met several years ago.

Eva and her husband Jerry Allmacher are the owners of Bin Deals, and they were the “real” deal at the Boos and Booze Casino Night that benefited Elev8Hope and Ms. Rina’s House of Blessings, the 501(c)(3)s founded by Rinamarie Shpiruk and her four children.

Thanks to the couple’s love and dedication – and a stunning $50,000 donation – the festive fundraiser raised close to $200,000... Read More>>

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Post Insurance
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Miller's Central Air
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Palm Beach International Airport
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Frank’s Hang Up
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Elliott Museum
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AUTO DEALERS
Bev Smith Automotive Group
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St. Lucie Battery & Tire
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BANKING
SouthState Bank
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BEVERAGES
Natalie’s Orchid Island Juice Co.
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GHO Homes
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MidFlorida Credit Union
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All Smiles Dentistry
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Mattress Market
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Champion Golf Carts
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Total Golf Cart
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Saint Lucie County Property Appraiser
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Florida Native Grill Cleaning

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A Moment’s Notice Healthcare
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Indian River Home Care
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HOME IMPROVEMENT
Artistic Closets
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McMow Art Glass
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HOSPITALS
Cleveland Clinic Martin Health System
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Sebastian River Medical Center
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Harbor Place of Port St. Lucie
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The Palms of St. Lucie West
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INSURANCE
Geico Insurance - Maggie Deng
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McCall Insurance
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Post Insurance
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Decor Envy
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H. Allen Holmes, Inc.
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Karen Kane Interiors
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Diamonds by Terry
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St. Lucie Jewelry and Coins
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Florida Personal Injury Law Team
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East Coast Lumber
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Ocean Chiropractic & Health Center
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Orthopaedic Center of Vero Beach
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South Florida Orthopaedics & Sports Medicine
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Mental Health Association Indian River
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MUNICIPALITIES
City of Fort Pierce
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City of Port St. Lucie
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NONPROFITS
Children’s Services Council of St. Lucie County
772.408.1100
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Family Meals
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Harbor Branch Oceanographic Institute Foundation
772.466.9876
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Project Lifesaver
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Treasure Coast Food Bank
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Treasure Coast Hospice
772.403.4500
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OPHTHALMOLOGY
New Vision Eye Center
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PERFORMING ARTS
Sunrise Theatre
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Vero Beach Theatre Guild
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PET STORE
The Noble Paw
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PET SUPPLIES
Pet Supplies Plus
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PLASTIC SURGERY
Ocean Drive Plastic Surgery
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RADIO
WQCS
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REAL ESTATE
ABC Realty 772465.5100 ABCRealtyFortPierceFL.com

Branca Realty Professionals
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John’s Island Real Estate Co.
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Keller Williams/AnnMarie Napolitano
Cell: 954.675.2804
Office: 772.236.5700
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Keller Williams Realty at Port St. Lucie
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Mark Walters & Company
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Oceanside Realty Partners
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RESTAURANTS
Casey’s Place
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Crabby's Dockside
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Ocean Grill
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Sharkys
772.466.2757

ROOFING
EP6 Group
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SENIOR CARE
Oasis Senior Advisors
772.600.8204
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SHOPPING
Best Value Jewelry & Pawn
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Kemp’s
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Top Drawer Boutique
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STONE WORK & GRANITE
Real Stone & Granite
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SHUTTERS/WINDOW TREATMENTS
Florida Shutters Inc.
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Impact Experts
772.285.9342
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WEDDING/VENUES
The Crane Club
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Adams Media Group
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Idea Garden
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ideaga.com

Nicolace Marketing, Inc.
772.299.4889

Pathos 561.688.2880
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Oct. 31, 2022|

Volunteers come together for United Way’s 27th annual day of caring

Volunteers come together for United Way’s 27th annual day of caring

 

Sharon Doris, Jesse Silva, Sabrina Silva, Dean Phillips, Sally Bross, Mario Massano

 

Many nonprofit and volunteer organizations throughout Indian River County offered their services to the community on Saturday, Oct. 15 for United Way’s 27th Annual Day of Caring.

As the largest one-day of service event on the Treasure Coast, the nonprofit brings nearly 1,000 volunteers together to participate in community service; sponsored once again by Publix Super Markets.

This year’s event hosted over 950 volunteers who completed 57 projects. Volunteer groups included Bank of America Merrill Lynch, Elliot Merrill, Girls on the Run, Northern Trust, Nuttal, Donini and Associates, CPA’s, Publix, Rehmann, Seacoast Bank, Vero Beach Oceanside Rotary, and the Tax Collector’s office of Indian River County, among many others.

The event kicked off at the Vero Beach High School’s Billy Livings Field, where hundreds of volunteers gathered for breakfast, donated by Joe and MaryAnn Conrado and Jeremy Odom, owners and operators of the local McDonald’s, Natalie’s Orchid Island Juice, and homemade cookies from Thelma Jean’s Bakery. Following the morning announcements, volunteers were energized by routines from the VBHS Cheer Squad and a fun warm-up from TBLB Fitness.

Projects were hosted by the Children’s Home Society of Florida, Crossover Mission, Hope for Families Center, Substance Awareness Center, The Arc of Indian River County, and many others. From painting, weeding, and trimming to organizing and writing greeting cards, volunteers had their hands full. Plus, 250 literacy kits were assembled and donated to Head Start of Indian River County.

Many of the volunteers said it was an incredible day to meet with nonprofits working to make Indian River County a healthier and stronger community. “There are so many of our neighbors struggling right now in their day-to-day lives, so every little bit of support helps,” said Meredith Egan, United Way of Indian River County CEO. “Any chance we have to give back is an opportunity to contribute to something good and feel good about doing it.”

Additionally, United Way would like to thank Gould Cooksey for donating water and CVS Distribution Center for donating many of the supplies used for the early learning kits.

United Way’s hub for opportunities, Volunteer Indian River County, is currently undergoing a facelift, but will soon offer year-round opportunities for those looking to get involved.

View the Day of Caring 2022 photo gallery, please visit UnitedWayIRC.org.

About United Way of Indian River County

United Way of Indian River County (UWIRC) is a 501(c)(3) nonprofit organization that fights for the health, education, and financial stability of every community member. United Way works with local programs to provide resources to individuals and families in crisis today while working year-round to improve community conditions and create lasting solutions. We are effectively building a strong foundation and improving lives by mobilizing the caring power of our community. For more information about your local United Way, please call (772) 567-8900 or visit our website, UnitedWayIRC.org

 

Treasure Coast Business is a news service and magazine published in print, via e-newsletter and online at tcbusiness.com by Indian River Media Group. For more information or to report news email [email protected]

Oct. 31, 2022|

Anne Wallace Posey to lead Tykes & Teens

Anne Wallace Posey to lead Tykes & Teens

 

 

Anne W. Posey, LMHC, NCC

The Board of Directors of Tykes & Teens, Inc. announces the appointment of Anne W. Posey, LMHC, NCC, as Chief Executive Officer of the organization, effective Nov. 7, 2022.

Posey comes to Tykes & Teens with 25 years of experience in behavioral health and healthcare systems leadership in agencies across Florida’s Treasure Coast. She most recently served as the Regional Administrator of Behavioral Health for Cleveland Clinic Florida and the Administrator of Neuroscience, Orthopedics, and Rheumatology for Cleveland Clinic Indian River Hospital in Vero Beach, Florida.

“Ms. Posey’s commitment to serving youth and families and ensuring access to appropriate evidence-based behavioral health services is consistent with the mission of Tykes.  Her record of community service and collaboration reflects the values of Tykes.  Her leadership achievements and energy are exactly what Tykes sought in its next CEO.” said Ken Kenworthy, President of the Board of Directors.

Ms. Posey holds a Master of Arts in Clinical Psychology from Marshall University in Huntington, WV, and is a Licensed Mental Health Counselor in the State of Florida, as well as a Nationally Certified Counselor. She has extensive leadership experience in systems that serve, including behavioral health, child welfare, and juvenile justice.  Ms.  Posey enjoys serving her community and is on the board of several local nonprofits.

“I have collaborated with Tykes over many years and very much look forward to leading the organization at this time of increased mental health challenges for our children from infant through young adult.  Our communities, schools, and caregivers are stretching to expand access and meet the range of demands for mental health services today and I am eager to help Tykes more fully deliver on its vital mission,” said Posey.

 Tykes & Teens,  Inc. has been a leading mental health provider for children and adolescents with evidence-based programs and services for 26 years.  With a mission of prioritizing children’s mental health in our families, schools, and communities through a wide range of prevention, education, and treatment programs and services, Tykes provides affordable quality mental health services for children in Martin. St. Lucie, Okeechobee, and Indian River Counties, comprising Florida’s Treasure Coast.  Follow them on FacebookInstagram, and LinkedIn.

 

Treasure Coast Business is a news service and magazine published in print, via e-newsletter and online at tcbusiness.com by Indian River Media Group. For more information or to report news email [email protected]

Oct. 31, 2022|

Annual party raises funds for Youth Guidance

Annual party raises funds for Youth Guidance

 

Photo courtesy of Kerry Firth | Pictured: Hiti Mahana Polynesia & Guests

 

Youth Guidance Mentoring Academy held it’s 45th Annual Tropical Night Luau on Friday, Oct. 7th at the Boulevard Village and Tennis Club. More than 150 guests gathered to learn about the organization and the programs offered to families of Indian River County.  

Children enrolled in Youth Guidance greeted guests with a warm welcome and adorned them with tropical Hawaiian leis upon arrival. Guests visited program tables where the children demonstrated the different activities they participate in while at Youth Guidance, including sewing, bicycle repair, leadership, and a pre-apprenticeship (HVAC, welding, plumbing, carpentry, and electric).  

The evening featured an exciting performance featuring a Siva Afi fire knife spinning finale by Hiti Mahana Polynesia followed by a thrilling live auction where lucky bidders won prizes ranging from a catered dinner for ten at one’s residence to a vacation at luxury resorts throughout Mexico. Dinner included an exquisite tropical buffet with popular Hawaiian dishes while guests enjoyed the remainder of the evening dancing with friends, old and new. 

The purpose of the event was to raise funds for life-changing mentoring programs while sharing the impact of Youth Guidance on the lives of local children and families. Speakers included Dhalani, age 7, and her mother Darmeshia Brunson who spoke about their experience. 

“If it hadn’t been for Youth Guidance, I can tell you that a lot of the things my daughter has been able to participate in, she may have never been able to do so. I’m so proud of the different programs she can be a part of at the center, from homework help and tutoring to the many other programs they offer. I cannot say all that Youth Guidance has done for me and my family.” said Darmeshia

This year’s Tropical Night Luau sponsors included: Aloha Sponsor ($10,000): Trudie Rainone; Pineapple Sponsors ($5,000): George & Elke Fetterolf, Exchange Club of Sebastian; Mai Tai Sponsors ($2,500): Mrs. Herman F. Becker, Dyer Chevrolet, PNC Bank, Perfect Stix LLC, Exchange Club of the Treasure Coast, Exchange Club of Vero Beach; Tiki Torch Sponsors ($1,500): The Rosato Plastic Surgery Center, F.V.Casano Electrical Contractor, The Hope Lives Foundation; Coconut Sponsors ($1,000): Alex MacWilliam Real Estate, Bill & Kate Antle, Archie S. Wingfield, Jr. Charitable Trust, Cypress Bank & Trust, Carolyn Butler Norton, Esq., Dental Partners of Vero Beach, George E. Warren LLC, Mary Lewisy, Minuteman Press, David & Christine Smith, Bill & Gildamar Tait, Charlie & Lynne Whipple; Hawaiian Hog Sponsor ($800): CBH Advisory Group; Hula Dance Sponsors ($500): Dede Ashby, Mark & Patricia Ashdown, Richard & Barbara Baker, Jack & Mary Berrigan, Paul Genke & Lila Blakeslee, Tom & Pam Butz, John & Tracy Carroll, Jim & Laurie Carney, Vance Houdyshell, The Hill Group, The Law Office of Brian J. Connelly PLLC, Linus Cadillac Buick GMC, Robin Lloyd & Associates P.A., R.J. MacMillan, Richard Schlitt, Evrard Spencer, Moree Principal Investment Services, Michael & Kathie Pierce, Bob & Carmen Stork, Toyota of Vero Beach, The Center for Advanced Eye Care, Vero Marine Center, and White Orchid Spa.

Youth Guidance Mentoring Academy is dedicated to enriching the lives of Indian River County youth through mentoring relationships that inspire trust, self-esteem, and positive futures. Founded in 1973, Youth Guidance provides daily meals as well as one-on-one and group mentoring programs to children and young adults ages 5-24 with limited resources.

After school, students complete their homework under the supervision of trained Youth Guidance staff. Then they participate in group mentoring programs that include vocational training, life skills, and STEAM (Science, technology, engineering, arts, and math). All programs and meals are provided free of charge thanks to the generosity of the local community.

If you are interested in learning more about Youth Guidance Mentoring Academy or making a donation, please call 772.492.3933, or visit our website at www.youthguidanceprogram.org.

 

Treasure Coast Business is a news service and magazine published in print, via e-newsletter and online at tcbusiness.com by Indian River Media Group. For more information or to report news email [email protected]
Oct. 24, 2022|

United Way’s education grant funding is available

United Way’s education grant funding is available

 

United Way of Indian River County is now accepting Letters of Intent in our Education Impact Area through the Community Impact Fund. The Community Impact Fund was established to invest in high-performing nonprofit organizations that provide programs and services aligned with our strategic priority Impact Areas of Education, Financial Stability, and Health. Grant funding recipients help to improve community conditions across our county.

UWIRC functions on a 2-year funding cycle and is currently open to organizations providing services to Indian River County residents and must measure participant progress based on outcomes and indicators established by UWIRC and its Vision Councils in one of the following Education Priority Areas:

  • Early Learning – All children are nurtured by caregivers who promote early learning and development to prepare them for kindergarten.
  • School and Academic Success – All children succeed and achieve in school, and students will continue to stay on track for High School Readiness.
  • Graduate for Success – Students graduate high school on time, prepared for continuing education, work, and life.

Agencies and programs must submit a Letter of Intent by 4:00 PM on November 13, 2022, to be considered for grant funding. The LOI must be submitted electronically through the  United Way’s web-based grant platform e-CImpact. Once all submitted LOI’s are reviewed, agencies will be notified if they are approved to move to the application stage of the grant process.

For a copy of the Funding Eligibility Guidebook and link to the e-CImpact system, please contact Deana Shatley at [email protected] or visit https://unitedwayirc.org/grants.

Deadline for Letter of Intent submissions is 4:00 p.m. on November 13, 2022.

United Way

About United Way of Indian River County

United Way of Indian River County (UWIRC) is a 501(c)(3) nonprofit organization that fights for the health, education, and financial stability of every community member. United Way works with local programs to provide resources to individuals and families in crisis today while working year-round to improve community conditions and create lasting solutions. We are effectively building a strong foundation and improving lives by mobilizing the caring power of our community. For more information about your local United Way, please call (772) 567-8900 or visit our website, UnitedWayIRC.org.

Treasure Coast Business is a news service and magazine published in print, via e-newsletter and online at tcbusiness.com by Indian River Media Group. For more information or to report news email [email protected]
Oct. 24, 2022|

 Halloween casino night is a grand slam for Elev8Hope

 Halloween casino night is a grand slam for Elev8Hope

 

 

Daniel and Paula Bongino with Rinamarie Shpiruk

An amazing relationship was in the cards when Eva Rivera-Allmacher and Rinamarie Shpiruk met several years ago.

Eva and her husband Jerry Allmacher are the owners of Bin Deals, and they were the “real” deal at the Boos and Booze Casino Night that benefited Elev8Hope and Ms. Rina’s House of Blessings, the 501(c)(3)s founded by Rinamarie Shpiruk and her four children.

Thanks to the couple’s love and dedication – and a stunning $50,000 donation – the festive fundraiser raised close to $200,000.

Although they were Grand Sponsors of the evening, Eva Rivera-Allmacher and Jerry Allmacher have been there for the nonprofits for years. They have donated $75,000-plus to Ms. Rina’s House of Blessings, helping to get the doors to the building opened.

More than 300 attendees partied at the Rockin’ H Ranch in Palm City, playing Vegas-style casino games and enjoying fabulous food from the one and only Michaelina’s.

The mission of Elev8Hope is to provide support and hope to struggling families with children. Elev8Hope works to positively impact the community of Martin County by connecting with individuals and families struggling to meet the most basic requirements of daily living.

Ms. Rina’s House of Blessings provides transitional housing for students and their families in crisis in Martin County.

To learn more, visit https://www.rinashob.org and www.elev8hope.org.

 

 

Treasure Coast Business is a news service and magazine published in print, via e-newsletter and online at tcbusiness.com by Indian River Media Group. For more information or to report news email [email protected]
Oct. 24, 2022|

October is National Disability Employment Awareness month

*|MC:SUBJECT|*

October is National Disability Employment Awareness month

October is National Disability Employment Awareness month. And lest you think the only people this affects favorably are those who have found jobs that match their individual skill sets, the fact is their employers and the general population of the United States benefit, too.

Helping People Succeed, the nonprofit that’s been making a difference on the Treasure Coast for more than half a century, has two programs that match employers and employees: Successful Futures and Project Search... Read More>>

Sunshine Kitchen hosts student culinary cook-off Oct. 25

The public is invited to a Culinary Cook-Off as the Sunshine Kitchen hosts a student cooking challenge on Tuesday, Oct. 25, starting at 10 a.m. for a chance to win a $1,500 scholarship.

Presented by the Treasure Coast Education and Research Development Authority, this student cooking contest will pair Indian River State College students with St. Lucie Public School students as they compete for $1,500 in scholarship funds. Prep work will begin at 9:50 a.m.; cooking starts at 10:05 a.m.; judging will take place at 11:05 a.m., with awards being presented at noon... Read More>>

This year’s Pinot & Picasso has tropical twist

Helping People Succeed’s 9th Pinot and Picasso will feature the talented artists whose works grace the 2023 Art for Living Calendar, the unveiling of the Calendar, and a fun-filled party, all with a tropical twist.

Thanks to the generosity of local philanthropist Bill Lichtenberger, the elegantly casual event will take place on Saturday, Nov. 19, starting at 5:30 p.m., at Harbour Ridge Yacht and Country Club. Calendar art paintings, as well as other art, will be on display at the clubhouse ... Read More>>

Bank of America finds 66% of small business owners expect revenue increases; 52% plan to expand their businesses

Despite headwinds from supply chains, inflation and labor shortages, small business owners are forecasting a strong year ahead, according to the 2022 Women & Minority Business Owner Spotlight, a new report from Bank of America exploring the outlook of entrepreneurs nationwide. The report is based on a survey of more than 1,300 small business owners across the country, with additional insights into gender and ethnicity, and found that revenue expectations rose to a seven-year high, and expansion plans increased significantly since the spring... Read More>>

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Oct. 18, 2022|

Bank of America finds 66% of small business owners expect revenue increases; 52% plan to expand their businesses

Bank of America finds 66% of small business owners expect revenue increases; 52% plan to expand their businesses

New report spotlights women and minority business owners, including challenges and overall business and economic outlook

 

 

Despite headwinds from supply chains, inflation and labor shortages, small business owners are forecasting a strong year ahead, according to the 2022 Women & Minority Business Owner Spotlight, a new report from Bank of America exploring the outlook of entrepreneurs nationwide. The report is based on a survey of more than 1,300 small business owners across the country, with additional insights into gender and ethnicity, and found that revenue expectations rose to a seven-year high, and expansion plans increased significantly since the spring. Over the next 12 months:

  • 66% of business owners expect revenue to increase—a seven-year high
  • 52% plan to expand their business—up from 37% this spring
  • 83% plan to obtain funding for their business—up from 70% this spring

As the possibility of a recession looms, 77% of entrepreneurs say their business is equipped to survive a recession.

“As we look ahead to 2023, small business owners are optimistic about the future, even with ongoing economic challenges and uncertainty,” said Sharon Miller, President, Small Business, Head of Specialty Banking and Lending at Bank of America. “The data underscores what we’ve seen time and time again: the continued resilience of small business owners whose success remains foundational to our local and national economies.”

Inflation and commodities prices are top concerns

When asked about their primary concerns, small business owners identified inflation (75%) and commodities prices (69%), followed by a potential recession (67%), the U.S. political environment (66%) and interest rates (65%). A strong majority (88%) say inflation and supply chain issues (80%) are continuing to impact their operations, leading to price increases.

Hiring plans are up significantly with wages on the rise to attract talent

Amid labor shortages, business owners reported that their hiring plans are reaching the highest levels in seven years, with 38% planning to hire in the next 12 months. The majority (61%) of business owners say labor shortages are currently impacting their business, up from 41% in the spring. Among those business owners impacted:

  • 49% are working more hours
  • 31% are raising wages to attract competitive talent
  • 30% are having difficulty filling job openings

The report also includes specific insights on the perspectives of women, Black, Hispanic-Latino and Asian American and Pacific Islander (AAPI) business owners, examining key areas including access to capital, business outlook, social change and community.

Women, minority entrepreneurs face barriers accessing capital

More than a quarter (29%) of women business owners surveyed said they do not think they will ever have equal access to capital, while 40% of Black business owners, 27% of Hispanic-Latino business owners and 22% of AAPI business owners said the same.

Minority business owners reported more challenges accessing capital for their businesses than the national average, with 46% of Black and Hispanic-Latino business owners and 55% of AAPI business owners reporting they’ve personally faced challenges. Black business owners were most likely to say they are concerned about credit availability—57% of Black business owners surveyed expressed concern vs. 45% overall.

Women business owners project growth but are less optimistic than men

Women business owners have an overall positive business outlook, while confidence in their business and the broader economic landscape is more tempered than their male peers. Over the next 12 months:

  • 63% expect revenue to increase vs. 68% of male business owners
  • 47% plan to expand their business vs. 57% of male business owners
  • 38% are confident that the national economy will improve vs. 50% of male business owners

Overall, women business owners say they face more challenges in business than their male counterparts, with the majority (59%) saying they have to work harder for the same success as men.

Black business owners advocate for social change through their businesses

Fifty-five percent of Black business owners say racial justice and equity are important causes for their business, compared to 30% of non-Black business owners. Eighty-seven percent of Black business owners say they are committed to driving social change through their business, and two in five have active pledges or commitments toward social causes through their business, including volunteering, making operational changes and monetary commitments. As a result of these efforts:

  • 61% say they have increased sales
  • 40% say they deepened ties to their community
  • 34% say they have increased their customer base

In addition, Black business owners are more optimistic than their non-Black counterparts about their business outlook. Over the next 12 months:

  • 72% expect revenue to increase vs. 63% of non-Black business owners
  • 65% plan to expand their business vs. 50% of non-Black business owners

Hispanic-Latino business owners prioritize building generational wealth

Keeping the future of their families in mind, a strong majority (86%) of Hispanic-Latino business owners are committed to building generational wealth through their business—compared to 77% of non-Hispanic-Latino business owners. Community involvement is a priority, too: 88% of Hispanic-Latino business owners say they actively give back to their communities, taking actions such as donating products/services, volunteering and sponsoring local events and teams.

Additionally, Hispanic-Latino business owners are more optimistic than their non-Hispanic-Latino peers about their business outlook. Over the next 12 months:

  • 71% expect revenue to increase vs. 65% of non-Hispanic-Latino business owners
  • 59% plan to expand their business vs. 52% of non-Hispanic-Latino business owners

AAPI business owners rely on family to drive business

AAPI business owners report strong support systems, as 80% say their family supports their business. Providing for the next generation is also top of mind, with 82% of AAPI business owners aiming to build generational wealth through their business. Additionally, more than one in three (37%) AAPI business owners said they received guidance on starting their business from family members.

When asked about their business outlook for the coming 12 months, 62% of AAPI business owners said they expect their revenues to increase, while 60% said they plan to expand their business (vs. 52% of non-AAPI business owners).

 

For an in-depth look at the insights of the nation’s small business owners, please read the full Bank of America 2022 Women & Minority Business Owner Spotlight.

Bank of America 2022 Women & Minority Business Owner Spotlight

Ipsos Public Affairs conducted the Bank of America 2022 Women & Minority Business Owner Spotlight survey online between July 26 and August 17, 2022 using a pre-recruited online sample of small business owners. Ipsos contacted a national sample of 1,308 small business owners in the United States with annual revenue between $100,000 and $4,999,999 and employing between two and 99 employees, as well as 357 interviews of Hispanic small business owners, 369 interviews of Black small business owners and 150 interviews of Asian American small business owners. The final results for the national and demographic segments were weighted to national benchmark standards for size, revenue and region, while the final results for the Hispanic segment were weighted for size, revenue, region, and whether the respondents were primarily English-speaking or Spanish-speaking.

 

BOA Logo

Bank of America

Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 67 million consumer and small business clients with approximately 4,000 retail financial centers, approximately 16,000 ATMs and award-winning digital banking with approximately 55 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

 

Treasure Coast Business is a news service and magazine published in print, via e-newsletter and online at tcbusiness.com by Indian River Media Group. For more information or to report news email [email protected]
Oct. 17, 2022|