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L’Oréal Partners With NAACP To Launch Inclusive Beauty Fund
The new grant will award $10K each to 30 Black beauty bosses.
L’Oréal USA and the NAACP are giving Black beauty bosses a boost with a new grant program. The Inclusive Beauty Fund will award 30 grants of $10K each to Black-owned small businesses, Black entrepreneurs, and professional services within the beauty space.
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The National Bureau of Economic Research has reported that 41 percent of Black-owned businesses have been shuttered by COVID-19, compared to just 17 percent of White-owned businesses. In the beauty world, the disparities are even higher.
“Black-owned small beauty businesses are the heartbeat of their neighborhoods, and beauty business owners are navigating tremendous challenges stemming from the COVID-19 and recent events,” said Yumeka Rushing, NAACP Chief Strategy Officer, in a recent statement. “The NAACP is proud to partner with L’Oréal USA to help support these entrepreneurs and ensure the longevity of the services and community their businesses provide.”
In addition to one-time funding, L’Oréal USA has announced it will provide grantees with professional mentorship and business development support by way of top executives from its roster of 35 beauty brands and its professional beauty products distributor, SalonCentric.
“We are proud to team up with the NAACP to advance our shared mission of creating a more inclusive and equitable world during this time of great economic vulnerability for so many,” said Angela Guy, L’Oréal USA Chief Diversity & Inclusion Officer. “We hope the Inclusive Beauty Fund will introduce us to entrepreneurs in the beauty industry that we can build strong relationships with well into the future.”
The Inclusive Beauty Fund is part of L’Oréal USA’s larger commitment to support the NAACP’s mission and is backed by L’Oréal USA’s newly formed Diversity & Inclusion Advisory Board.
Applications for the Inclusive Beauty Fund will be accepted through February 18, 2021. Beauty bosses from all areas of the beauty industry, including (but not limited to): salons, spas, barbershops, hairstylists, makeup artists, entrepreneurs, startup founders, haircare specialists, and beauty schools. Winners will be announced in April.
