L’Oreal USA’s grant programme supports Black-Owned small businesses and entrepreneurs within the beauty community with one-time grants of US$10k and professional mentorship
L’Oréal USA has recently announced the creation of its Inclusive Beauty Fund, a new grant programme presented in partnership with the NAACP, the largest and most pre-eminent civil rights organisation in the nation.
Through this inaugural round of funding, the company will award 30 one-time grants of US$10k/£7.3k each to Black-owned small businesses, Black entrepreneurs, and professional services in all sectors of the US beauty industry.
As small businesses in America have been hit the hardest by the economic fallout of the pandemic and Black-owned businesses are shutting down twice as fast as others according to NBER, L’Oréal USA teamed up with the NAACP to identify the most promising Black-owned small businesses and entrepreneurs in the beauty industry that are most in need of investment.
“As the leading beauty company in the United States, we believe that we have a responsibility to invest in the small business owners and entrepreneurs who are the lifeblood of our dynamic beauty industry. 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. 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,” said Angela Guy, Chief Diversity & Inclusion Officer, L’Oréal USA.
In addition to one-time funding, L’Oréal USA is committed to providing grantees with professional mentorship and business development support with the participation of top executives from its leading beauty brands and its professional beauty products distributor, SalonCentric. The Inclusive Beauty Fund is part of L’Oréal USA’s larger commitment to support the NAACP’s mission, which will include additional initiatives to be announced in the future.
The initiative is backed by L’Oréal USA’s newly formed Diversity & Inclusion Advisory Board, who will work alongside the NAACP, L’Oréal USA, and SalonCentric leaders to review and select grant recipients.
The Advisory Board made up of up over 20 internal and external stakeholders, have come together to ideate as a collective on efforts to influence and reimagine social and inclusive strategies that support L’Oréal USA’s Diversity and Inclusion mission to build the standard in making beauty inclusive.
“Black-owned small beauty businesses are the heartbeat of their neighbourhoods, and beauty business owners are navigating tremendous challenges stemming from the Covid-19 and recent events. 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,” said Yumeka Rushing, Chief Strategy Officer, NAACP.