L’Oréal, NAACP and Hispanic Federation partner for small beauty business grants
26 Feb 2024 --- L’Oréal USA launches the second edition of its Inclusive Beauty Fund, which provides financial support and resources to small businesses and entrepreneurs in the beauty industry, with a focus on people of color.
The grant program will be administered in collaboration with the NAACP’s (National Association for the Advancement of Colored People) Economic Empowerment Fund and the Hispanic Federation.
The beauty giant expanded the program this year to include NGO partner Hispanic Federation and grant administrator GlobalGiving. The partnership aims to amplify the reach and impact of the program.
“The Inclusive Beauty Fund is one of the cornerstones of L’Oréal’s broader commitment to advancing inclusivity within the beauty industry,” said Liliahn Majeed, chief diversity, equity & inclusion officer, North America, L’Oréal Groupe.
“We value the role small businesses play in bringing vital products and services to consumers across all backgrounds and lived experiences, and we want to do our part to support beauty businesses and entrepreneurs who are working to navigate economic challenges.”
Applying for grant
In addition to one-time funding, the company will provide grantees with professional mentorship and business development support with the participation of top executives from its leading beauty brands and its professional beauty product distributor, SalonCentric.
L’Oréal partners to give money to small beauty business.Beauty businesses, extension artists, braiders, estheticians, barbers, salon owners, suite owners, students and stylists nationwide can apply for the Inclusive Beauty Fund.
The NAACP and Hispanic Federation will each award 20 one-time grants of US$10,000 each. All submissions must be conducted through either the NAACP or Hispanic Federation’s websites. The candidates selected to receive the grants will be announced in April.
Economic fallout and recovery
In the first iteration of the Inclusive Beauty Fund in 2021, the company partnered with the NAACP to provide support in terms of funding and business mentoring to 33 small beauty businesses. Grant recipients used the funds to grow their inventory, refine marketing strategies and open new retail locations.
L’Oréal says the funding came after the economic fallout of COVID-19, in which beauty businesses were some of the most “acutely impacted.”
“The grant provided by L’Oréal USA and NAACP came at the perfect time for us. It truly provided us with the fuel to invest in inventory, as well as marketing,” says LaToya Stirrup, co-founder and CEO of Kazmaleje, a recipient of an Inclusive Beauty Fund grant in 2021.
“The resources were really the linchpin for us. As a business, it provided us with a gateway to connect with salon owners and stylists in a whole new way.”
While progress has been made, L’Oréal asserts that it recognizes the importance of continuing to support beauty entrepreneurs who are still facing “economic hurdles and headwinds.” These challenges limit their potential to scale their businesses and provide essential beauty services to consumers nationwide.
Edited by Sabine Waldeck
