Michigan Business Beat | Mohamad Hammoud, Bank of America, 2026 Business Confidence - Latest Report!

Chris Holman welcomes back Mohamad Hammoud, Senior Vice President and Market Executive for Business Banking for Bank of America in Southeast Michigan, Detroit, MI. Talk about the overall findings of Bank of America’s Business Owner Report. What did the report find about the confidence level of business owners across the country in 2026? Are these sentiments reflective of what you’re hearing from Michigan’s small and midsize business owners in your everyday work for Bank of America? What factors have led to optimism for Michigan business owners? What are the biggest concerns or headwinds for local businesses in 2026? Access to capital is one of the biggest barriers to growth for local businesses. How does Bank of America help improve access to capital for businesses here in Michigan? How much of a factor is Artificial Intelligence (AI) and other new technology in how businesses are evolving in 2026 and beyond? What advice would you give to Michigan businesses about the year ahead? » Visit MBN website: www.michiganbusinessnetwork.com/ » Subscribe to MBN’s YouTube: www.youtube.com/@MichiganbusinessnetworkMBN » Like MBN: www.facebook.com/mibiznetwork » Follow MBN: twitter.com/MIBizNetwork/ » MBN Instagram: www.instagram.com/mibiznetwork/ Bank of America’s Business Owner Report shows that 74% of small and mid-sized business owners nationwide expect revenue growth in 2026, signaling optimism despite continued economic pressure. Mohamad Hammoud, Senior Vice President and Market Executive for Business Banking at Bank of America in Metro Detroit, discusses how the findings reflect what Metro Detroit entrepreneurs are experiencing, and where challenges remain. A recent Detroit Region survey of 1,235 business owners across Wayne, Oakland, and Macomb counties highlights both opportunity and constraint: 61% of businesses are Black-owned 71% employ just 1–2 full-time workers 45% report annual revenue under $10,000 Access to capital (56%) and cost of capital (48%) are cited as the top barriers to growth Hammoud speaks to why optimism is rising, what financing challenges mean for job creation, and how emerging industries such as electric vehicles, advanced manufacturing, healthcare, and information technology position Southeast Michigan for long-term growth. This is a timely, visually compelling local business story with direct relevance to viewers who own or work for small businesses.