
Some Black business owners struggling under new Trump administration policies
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Some Black business owners struggling under new Trump administration policies
Experts say a lack of capital, access to funding, and new rules applying for Small Business Administration loans often hinder Black businesses from being discovered. A new report from personal finance company NerdWallet found that 7 in 10 Americans want to support Black-owned businesses, but more than half (52%) don’t know where to find them. “I would expect to see a significant loss in Black wealth if the administration decides to not reverse some of its harmful policies,” Jessica Fulton from the Joint Center for Political and Economic Studies said. “Facing economic uncertainty in the future, Thomas says she’s bracing for the impact of Trump’s policies and relying instead on her community for her business’ survival.
Advertisement Some Black business owners struggling under new Trump administration policies Black business owners, like those at Sweet Tooth Cafe in Washington, D.C., are navigating challenges due to economic policy changes from the White House. Editorial Standards ⓘ
It’s another busy day for staff at Sweet Tooth Cafe and Cakes, a Halal comfort food restaurant located in Washington, D.C.’s historically Black Anacostia neighborhood.It is the second location for Amina Thomas’ family business and has been part of their daily grind over the last 30 years. Thomas says the cafe sits in a prime location, after pushing through years of challenges as a Black business owner. “Once you’re in the space, there are people who, they go, ‘Oh, they’re Black-owned. Let me give them a chance,” Thomas said. “It’s always quite an interesting comment.”It’s a common challenge according to many Black business owners: navigating political and social perceptions while trying to survive in an increasingly competitive marketplace and economy.Experts say a lack of capital, access to funding, and new rules applying for Small Business Administration loans often hinder Black businesses from being discovered. “It is historically harder for Black-owned businesses to get funding,” Kate Ashford, a small business expert at NerdWallet, said. “There are studies out there showing that Black-owned businesses are approved less often for loans and business lines of credit than white owned businesses.”At the federal level, the Trump administration is pledging to help shop owners by slashing regulations and, with approval from Congress, making permanent tax and investment benefits.”President (Donald) Trump promised to bring prosperity back to Main Street with an America First agenda that benefits every small business,” the White House said in a statement. But experts warn that the administration’s other policies, dismantling diversity, equity and inclusion initiatives along with the president’s on-again, off-again tariffs, will compound problems for many Black owners. “I would expect to see a significant loss in Black wealth if the administration decides to not reverse some of its harmful policies,” Jessica Fulton from the Joint Center for Political and Economic Studies said. “Facing economic uncertainty in the future, Thomas says she’s bracing for the impact of Trump’s policies and relying instead on her community for her business’ survival. “We’ve really tried to do right by the community and therefore they’ve tried to make sure that they keep coming back,” she said. “In congruence with that, we’re trying to make sure that we’re providing great service doing these things.”Another issue many Black owners cite is visibility. A new report from personal finance company NerdWallet found that 7 in 10 Americans want to support Black-owned businesses, but more than half (52%) don’t know where to find them.
Some Black business owners struggling under new Trump administration policies
Experts say a lack of capital, access to funding, and new rules applying for Small Business Administration loans often hinder Black businesses from being discovered. A new report from personal finance company NerdWallet found that 7 in 10 Americans want to support Black-owned businesses, but more than half (52%) don’t know where to find them. “I would expect to see a significant loss in Black wealth if the administration decides to not reverse some of its harmful policies,” Jessica Fulton from the Joint Center for Political and Economic Studies said. “Facing economic uncertainty in the future, Thomas says she’s bracing for the impact of Trump’s policies and relying instead on her community for her business’ survival.
Advertisement Some Black business owners struggling under new Trump administration policies Black business owners, like those at Sweet Tooth Cafe in Washington, D.C., are navigating challenges due to economic policy changes from the White House. Editorial Standards ⓘ
It’s another busy day for staff at Sweet Tooth Cafe and Cakes, a Halal comfort food restaurant located in Washington, D.C.’s historically Black Anacostia neighborhood.It is the second location for Amina Thomas’ family business and has been part of their daily grind over the last 30 years. Thomas says the cafe sits in a prime location, after pushing through years of challenges as a Black business owner. “Once you’re in the space, there are people who, they go, ‘Oh, they’re Black-owned. Let me give them a chance,” Thomas said. “It’s always quite an interesting comment.”It’s a common challenge according to many Black business owners: navigating political and social perceptions while trying to survive in an increasingly competitive marketplace and economy.Experts say a lack of capital, access to funding, and new rules applying for Small Business Administration loans often hinder Black businesses from being discovered. “It is historically harder for Black-owned businesses to get funding,” Kate Ashford, a small business expert at NerdWallet, said. “There are studies out there showing that Black-owned businesses are approved less often for loans and business lines of credit than white owned businesses.”At the federal level, the Trump administration is pledging to help shop owners by slashing regulations and, with approval from Congress, making permanent tax and investment benefits.”President (Donald) Trump promised to bring prosperity back to Main Street with an America First agenda that benefits every small business,” the White House said in a statement. But experts warn that the administration’s other policies, dismantling diversity, equity and inclusion initiatives along with the president’s on-again, off-again tariffs, will compound problems for many Black owners. “I would expect to see a significant loss in Black wealth if the administration decides to not reverse some of its harmful policies,” Jessica Fulton from the Joint Center for Political and Economic Studies said. “Facing economic uncertainty in the future, Thomas says she’s bracing for the impact of Trump’s policies and relying instead on her community for her business’ survival. “We’ve really tried to do right by the community and therefore they’ve tried to make sure that they keep coming back,” she said. “In congruence with that, we’re trying to make sure that we’re providing great service doing these things.”Another issue many Black owners cite is visibility. A new report from personal finance company NerdWallet found that 7 in 10 Americans want to support Black-owned businesses, but more than half (52%) don’t know where to find them.