Los Angeles small business owners are optimistic about revenue growth, but have concerns over the impact of minimum wage hikes, according to the 2015 Bank of America Small Business Owner Report release Tuesday.

In the report, about 68 percent of L.A.’s small business owners said that they expect revenue to increase over the next 12 months, which roughly mirrored expectations nationwide. Additionally, 62 percent of local small businesses said that they planned to hire in the upcoming year, way up from 2013 when 28 percent reported interest in looking for new talent.

The report, which addresses the concerns and perspectives of small business owners, is a semi-annual survey. Conducted by Braun Research Inc., it was completed by phone from Aug. 21 to Sept. 22 with a sample of 1,001 small business owners nationwide and 300 small business owners in nine target markets, including Los Angeles. The businesses reported annual revenue between $100,000 and $5 million and having between 2 and 99 employees.

“Small business owner have gone through some rough times, but they’ve come out in a stronger positon, and they’ve been able to improve their efficiencies and ultimately their profitability,” said Troy Bosch, small business banker manager for Los Angeles at Bank of America.

However, big minimum wage increases that were approved in the city and county of Los Angeles this summer and are being considered by other cities have many small business owners worried. According to the survey, 40 percent reported concern over the impact of those increases, compared to 35 percent of respondents nationally.

The raise from $9 to $15 by 2020 was also not their only concern. In Los Angeles, business owners reported worries about the effectiveness of the federal government, health care costs, interest rate increases and the strength of the dollar.

Slightly more than half of business owners (53 percent) believed that the local economy would improve in the coming year, a decrease of 9 percentage points from 2014. Los Angeles was the only market surveyed that saw a decline in local economic confidence, despite an increase in optimism over the global economy.

About 79 percent of respondents, however, said that they would still hit their year-end revenue goal.

“I think the message is, in spite of those concerns, they’re still looking at hiring more, they’re very bullish on their prospects,” said Bosch.

The margin of error for the national sample was 3.1 percentage points, while the margin of error for the target markets was 5.7.

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