L’Oréal USA, NAACP launch Inclusive Beauty Fund
L’Oréal USA is partnering with the NAACP on a grand program.
Titled the Inclusive Beauty Fund, during its inaugural round of funding, the beauty company will award 30 one-time grants of $10,000 each to Black-owned small businesses, as well as Black entrepreneurs and professional services in all sectors of the beauty industry.
“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,” Angela Guy, chief diversity and inclusion officer at L’Oréal USA said. “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 NAACP will work with L’Oréal USA in identifying promising Black-owned businesses and entrepreneurs who are in the most need of the grants, the company said.
In addition to the funding, the beauty company also will provide those on the receiving end of the grants with professional mentorship and business development support with the aid of top executives from its brands and beauty products distributor.
“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,” Yumeka Rushing, chief strategy officer at the NAACP said. “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.”
Applications for the Inclusive Beauty Fund will be administered by the NAACP in partnership with Hello Alice, will open Jan. 28 and proceeds will go through Feb. 18. Those selected to receive the grants will be announced in April.