L’Oréal USA has created a new grant program in partnership with the NAACP, Inclusive Beauty Fund, that will see L’Oréal USA 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.
Black-owned businesses are shutting down at twice the pace as other small businesses, according to the National Bureau of Economic Research [NBER.] The partnership looks to identify the most promising Black-owned small businesses and entrepreneurs in the beauty industry 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.