L’Oréal USA has today announced the creation of an Inclusive Beauty Fund for struggling Black-owned firms. The new grant programme has been launched in partnership with the National Association for the Advancement of Coloured People (NAACP); the largest and most pre-eminent civil rights organisation in the nation.
Through this inaugural round of funding, L’Oréal USA will award 30 one-time grants of $10,000 each to Black-owned small businesses, Black entrepreneurs and professional services in all sectors of the US beauty industry that have been impacted by the pandemic. In fact, small firms in the US have been the hardest hit; and Black-owned businesses are shutting down twice as fast than the others, according to NAACP.
So 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. “Black-owned small beauty businesses are the heartbeat of their neighbourhoods; and beauty business owners are navigating tremendous challenges stemming from Covid-19 and recent events,” explained Yumeka Rushing, Chief Strategy Officer, NAACP. “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.”
LIFEBLOOD OF BEAUTY INDUSTRY
“As the leading beauty company in the US, 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,” stated Angela Guy, Chief Diversity & Inclusion Officer, L’Oréal USA. “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.”
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.
HOW TO APPLY
The Inclusive Beauty Fund applications process will be administered by the NAACP in partnership with Hello Alice; a platform for small business owners to identify the right path to start and grow their company. Applications for the financial grants open today (29 January) until 18th February 2021.
Grants are available to new or existing beauty businesses of all kinds; including – but not limited to – salons, spas, barber shops, stylists, makeup artists, entrepreneurs, startup founders, haircare specialists and beauty schools. Candidates selected to receive the grants will be announced in April 2021. Click here for more information or to apply.
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