BALTIMORE — Recently, the Trump administration attempted to freeze federal grants and loan programs. This move sparked concern among small business owners, though a federal judge blocked it the following day.
Monesha Phillips, who runs Pandora’s Box, shared how important funding is for local businesses. Access to grants can help them not just survive but thrive. “As a small business owner, especially as a Black business owner, I’m focused on how the economy is improving. Funding is crucial for our growth,” Phillips explained.
Kisha Brown, CEO of Justis Connection, emphasized the need for diversity programs to support underserved businesses. She noted that while federal support is helpful, it doesn’t guarantee success. “Black businesses still face many challenges in growing into multimillion-dollar companies,” she said.
In the Waverly neighborhood, Kora Lee’s Comfort Food Cafe and Bakery is set to open a new location in March. Owner Kora Polydore highlighted that many small businesses rely on grants to get started. “Not everyone comes from wealth. We need to come together and strategize for success in the coming years,” she said.
Tia Hamilton, who owns Urban Reads bookstore, expressed gratitude for local leadership in Maryland. “Thanks to Governor Wes Moore and Mayor Brandon Scott, we have support from Black leaders who prioritize entrepreneurship in Baltimore,” Hamilton stated.
Brown also pointed out that minority business owners should be aware of their rights. “It’s essential for business owners to understand the importance of legal counsel. Being proactive can make a big difference,” she advised.
While minority-owned businesses can seek loans from banks or venture capital, there’s worry that federal changes might limit these options. Uncertainty hangs over the future of funding, but support from the community and local leaders remains vital.
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