NEW YORK, Jan. 29, 2021 /PRNewswire/ -- L'Oréal USA today announced the creation of its Inclusive Beauty Fund, a new grant program presented in partnership with the NAACP, the largest and most pre-eminent civil rights organization 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 U.S. beauty industry.
As small businesses in America have been hit the hardest by the economic fallout of the pandemic and Black-owned businesses are shutting down twice as fast as others according to NBER, 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.
"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.
"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," said Yumeka Rushing, Chief Strategy Officer, NAACP.
How to Apply
Applications for the Inclusive Beauty Fund 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 opens today January 29, and proceeds through February 18, 2021. All submissions must be conducted through Hello Alice: https://hialice.co/LOreal-HelloAlice-Grant. The candidates selected to receive the grants will be announced in April of 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.
About L'Oréal USA
L'Oréal USA is the largest subsidiary of the L'Oréal Group, the world's leading beauty company. Through its management of over 35 iconic beauty brands, L'Oréal USA has generated more than $7 billion in sales annually. Products are available across all distribution channels including hair salons, department stores, mass market, pharmacies, medi-spas, e-commerce and more. L'Oréal USA's commitment to growth is generated through sustainable innovation and driven by the company's L'Oréal for the Future ambition which demonstrates sustainable development across the Group's value chain. The company is headquartered in New York City, employs more than 11,000 people, and operates administrative, research, manufacturing and distribution facilities across 16 states.
Founded in 1909 in response to the ongoing violence against Black people around the country, the NAACP (National Association for the Advancement of Colored People) is the largest and most pre-eminent civil rights organization in the nation. We have over 2,200 units and branches across the nation, along with well over 2M activists. Our mission is to secure the political, educational, social, and economic equality of rights in order to eliminate race-based discrimination and ensure the health and well-being of all persons.
SOURCE L'Oreal USA