In a new survey of more than 300 business owners around the country, Bank of America Corp. reports its midsize business clients are bullish about future growth. 

The survey, which was released late last month, found that 75% of owners surveyed, whose businesses have annual revenue of $5 million to $50 million, expect their revenue to increase in the next year. About 71% plan to hire to support the growth. The optimistic outlook adds to the hopes the economy can sustain a soft landing amid looming recession indicators.

“It’s no different than what I’ve been hearing from some of my clients, from CEO relationships that I have in the market,” said Raul Anaya, president of the greater Los Angeles division and business banking for Bank of America.

Anaya considers Los Angeles a midmarket town, with most businesses headquartered in the area operating as privately held, entrepreneur- or family-led entities. 

“Despite some of the headwinds that are perceived to exist around inflation and supply chain and interest rates, overall, this lower middle-market continues to be fairly optimistic,” Anaya said.

The survey’s highlighted optimism isn’t without drawbacks. Even as the Federal Reserve’s recent rate hike puts interest at a 22-year high, businesses are still concerned about inflation. Three-fourths of business owners cited inflation as a key concern for the coming year, spurring price raises or spending cuts. 

In its second-quarter earnings last month, Bank of America reiterated its expectation that a less-than-dire recession is possible. The bank noted the resilient job market and steady consumer spending trends. 

Anaya noted the bank continues to finance expansion for local businesses. 

One of the bank’s clients is Hermosa Beach-based Newman Hospitality Management Inc., the owners of the Baja Sharkeez Restaurant Group, which operates 13 eateries along the coast. 

Coming out of the pandemic with three new restaurants, the mid-size business bought into the growing demand from third-party delivery services, joining 90% of the survey’s respondents that adopted digital services in the past year.