L'Oréal USA has partnered with the NAACP to create the Inclusive Beauty Fund, which 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 U.S. beauty industry.
L'Oréal USA is also 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 initiative is backed by L'Oréal USA's newly formed Diversity & Inclusion Advisory Board, which will work alongside the NAACP, L'Oréal USA, and SalonCentric leaders to review and select grant recipients.
Applications for the financial grants are to be submitted by February 18, 2021. The recipients will be announced in April 2021. To apply, visit here.
Angela Guy, chief diversity and inclusion officer, L'Oréal USA, said: "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."
Yumeka Rushing, chief strategy officer, NAACP, said: "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. 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."