BALTIMORE — On January 27th, the Trump administration tried to place an indefinite freeze on federal grants and loan programs.
The next day a federal judge blocked the move, but the whole thing has created uncertainty for some small business owners.
Monesha Phillips, owner of Pandora's Box, says having access to funding can make a huge difference in a local business.
VIDEO: Minority businesses express uncertainty about federal support
"Right now, as a small business owner, especially being a Black business owner, right now what I'm trying to focus on how the economy is improving, just trying to survive, and that's why funding is important, you know, and the funding helps you go from surviving to thriving to growth to scaling," says Phillips.
Kisha Brown, CEO of Justis Connection, says it's important to have diversity programs that can offer financial support to underserved and minority business communities.
"This is definitely impactful; however, it however has never been the sure safeguard for Black businesses to, you know, build these multimillion-dollar corporations under the auspices of federal dollars," says Brown.
Businesses like Kora Lee's Comfort Food Cafe and Bakery are planning to open their new location in the Waverly neighborhood in March.
"Some small businesses do rely on that grant money to get them started; we don't come from money—not all of us, for small businesses, I just think it's time for us to really rally and strategize on how we're going to thrive and succeed these next four years," says Kora Polydore.
And the owner of Urban Reads bookstore agrees.
"Thank God we live in Maryland because we got Governor Wes Moore, because we have Mayor Brandon Scott, because of the Black leadership that has wrapped their arms around Black businesses and entrepreneurship in Black Baltimore City. This is how we're going to survive," says Tia Hamilton.
Brown says despite what may happen on the federal level, minority-owned business owners need to understand the rights they have to protect their businesses.
"More than ever, business owners in particular need to be vigilant and proactive in really understanding the value of legal counsel," says Kisha Brown.
And although minority business owners can turn to banks for loans or even venture capital, some say they are worried the Trump administration may reduce those opportunities.
