Beauty giant’s US business partners with NAACP on 30 one-time grants of $10,000 each
L’Oréal USA has announced the set-up of its Inclusive Beauty Fund, created in partnership with the US’ largest civil rights organisation, the National Association for the Advancement of Colored People (NAACP).
The grant programme’s inaugural round of funding will see 30 one-time grants of US$10,000 each provided to the country’s black-owned small beauty businesses, entrepreneurs and professional services providers.
As a fallout of the pandemic, America’s black-owned businesses are shutting down twice as fast as other businesses, according to the National Bureau of Economic Research.
Commenting on the programme, Angela Guy, Chief Diversity & Inclusion Officer at L’Oréal USA, said: “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.
“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.”
Companies eligible for grants include, but are not limited to, salons, spas, barber shops, stylists, make-up artists, start-up founders, hair care specialists and beauty schools.
“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,” added 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.”
L’Oréal USA has said that, in addition to the grants, it will provide grantees with professional mentorship and business development support and it will be announcing further initiatives alongside the NAACP going forward.
Companies interested in applying can do so via L’Oréal USA and the NAACP’s partnership with the Hello Alice platform up to 18 February.
Selected candidates will be announced in April.