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Page A2 Indianapolis Recorder Friday, January 24, 2025As we enter 2025, small business owners are fi nding a silver lining amidst challenges. ff e latest JPMorgan Chase%u2019s 2025 Business Leaders Outlook Survey reveals a wave of optimism sweeping through the sector. More than 70% of small business owners express confi dence, feeling %u201coptimistic%u201d or %u201cvery optimistic%u201d about both their industry%u2019s and their company%u2019s performance in the coming year. Notably, diverse business owners are showing greater optimism about the economic landscape at local, national, and global levels. Black small business owners had the most positive perspective of all participants in each of the fi ve categories: global economy, national economy, local economy, industry%u2019s performance, and company%u2019s performance. ff is year, they plan to rely more on all types of funding for their businesses compared to all business owners.%u201cI engage with small businesses regularly and see their optimism fi rsthand%u2014the survey results only reinforce this positive outlook for 2025,%u201d said Ben Hutchins, Business Banking Market Manager in Indianapolis. %u201cIt%u2019s inspiring to witness their resilience and determination to overcome challenges, whether it%u2019s through innovative funding strategies or ambitious hiring plans. ff ese business leaders are not just surviving; they%u2019re setting the stage for a year of growth and success.%u201dHere are fi ve key fi ndings from this year%u2019s survey. Economic optimism grows each year%u2026More than 60% of Black small business owners expressed optimism about the state of the local, national and global economy. Close to 80% had the same optimism about their industry%u2019s performance or their own company%u2019s performance.%u2026but some concerns existWhile small businesses seem to have left the economic uncertainty of the pandemic years behind, diverse-owned businesses remain more cautious about the future. Interestingly, they are still more likely to anticipate a recession in 2025 compared to the broader business community. However, less than a third of diverse-owned businesses expect an economic downturn %u2013 among Black-owned small businesses, 29% said %u201cyes%u201d to expectations of a recession in 2025. ff is cautious optimism refl ects a nuanced perspective, balancing resilience with a watchful eye on potential economic shifts. Infl ation is top concern, but cybersecurity challenges are growing As infl ation remains the top challenge for business owners going into 2025, Black business owners are particularly attuned to the threat of cybersecurity, identifying it as their second-biggest challenge. ff is concern surpasses the %u201cuncertainty of economic conditions,%u201d which ranks second among the broader community. Across all groups, rising taxes emerge as the third most pressing issue. ff is highlights a distinct focus among diverse business owners on the importance of protecting their operations from any threats.Finding fundingDiverse-owned businesses are strategically positioning themselves to tap into a variety of funding sources more than small business overall. Blackowned businesses, for instance, are notably inclined to utilize lines of credit (48%), online loans from fi ntech or alternative online lenders (39%), personal credit cards (39%), angel investments/venture capital (25%) and crowdfunding (19%). A signifi cant majority of Black-owned businesses (73%) are also more likely than the overall business respondents (55%) to explore online lending this year. Ambitious hiring plans amid talent challengesDiverse-owned businesses are setting ambitious hiring goals for 2025. Black-owned businesses are planning for substantial increases, with 71% anticipating more full-time hires and 55% expecting parttime hires. ff is contrasts with 46% of all respondents expecting full-time hiring increases and just 38% planning for part-time hires. However, these businesses face signifi cant challenges in fi nding the right candidates. A vast majority (90%) of Black-owned businesses express concerns around recruitment. Black businesses were most likely to cite employee turnover/retiring employees (34%) as the main issue they faced.ff is response is echoed across the board, with 79% of all respondents worried about fi nding suitable candidates. ff e bottom lineEconomic optimism is on the rise among diverse-owned small business owners, with Black-owned small businesses having greater confi dence in the local, national and global economic outlook than survey responses overall. Despite some apprehensions about a potential recession and recruitment challenges, diverse-owned businesses are determined to expand their workforce and secure funding to fuel growth. ff is determination underscores their optimism for 2025 and their readiness to make strategic moves to scale their operations. For informational/educational purposes only: Views and strategies described in this article or provided via links may not be appropriate for everyone and are not intended as specifi c advice/recommendation for any business. Information has been obtained from sources believed to be reliable, but JPMorgan Chase & Co. or its affi liates and/or subsidiaries do not warrant its completeness or accuracy. ff e material is not intended to provide legal, tax, or fi nancial advice or to indicate the availability or suitability of any JPMorgan Chase Bank, N.A. product or service. You should carefully consider your needs and objectives before making any decisions and consult the appropriate professional(s). Outlooks and past performance are not guarantees of future results. JPMorgan Chase & Co. and its affi liates are not responsible for, and do not provide or endorse third party products, services, or other content.Deposit products provided by JPMorgan Chase Bank, N.A. Member FDIC. Equal Opportunity Lender. %u00a0%u00a9 2025 JPMorgan Chase & Co. 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