SheaMoisture Launches $1 Million Fund to Help Minority Small Business Owners and Female Entrepreneurs of Color
As government leaders extend stay-at-home mandates for non-essential workers until the end of April, beauty brands continue to step up in a big way to help those who've lost their jobs and are in need of financial help. Hair-care brand SheaMoisture launched a $1 million relief fund on Monday, April 6, to support women of color entrepreneurs and minority small business owners affected by the mandatory non-essential business closures.
"During this unprecedented time of upheaval, small businesses are being disproportionately affected. For SheaMoisture, which was once a small business, the power of community and entrepreneurship is close to our hearts," CEO of Sundial Brands (SheaMoisture's parent company) Cara Sabin writes in a statement emailed to Allure. "Through this fund, we are committed to giving back to the communities that have helped us become who we are."
The fund's goal is to help minimize the financial hardships that many minority- and black-owned small businesses are experiencing during this time, and money will be allocated in different ways. First, part of the is open to all minority small business owners in various industries such as restaurants, hospitality, grooming, entertainment, and wellness. From a pool of applicants, 10 businesses will be selected to receive $10,000.
Another part of the funding includes a virtual series called The Women of Color Businesses E-Lab, which will provide access to resources, mentorship, and advice on how to deal with the current volatile economic state and plan for recovery in the future. Once the education series is completed, entrepreneurs are eligible to participate in a contest where they can present their economic recovery business plan to a panel of judges in hopes to be chosen and funded.
There are also two $100,000 initiatives under the fund — one is called Unsung Business, and the other is a partnership with We Buy Black. According to the brand, Unsung Business will fund those who "provide services and donate goods to communities, organizations, hospitals, and other frontline services with their business." With We Buy Black, the company will be awarding relief funds throughout the month of April to black-owned businesses that have demonstrated their impact on their local community, have been in operation for at least two years, and "are in jeopardy of going bankrupt or closing."
SheaMoisture is just the latest brand to help its network during this difficult time. Last week, nail brand CND announced a $100,000 grant to be given to 100 nail artists who have also been laid off due to mandated non-essential business closures. But you don't need to be a brand to help out your favorite local beauty shops.
Denver-based hairstylist and owner of Carson & Co. Salon Aspen Rae Tengler previously told Allure that buying gift cards is the equivalent to immediate payment for future appointments and gives owners the option to pay stylists for those services now, even if that means taking bigger losses in the future. A direct pre-payment for future appointments works just as well as a gift card, too.
To apply for any of the different initiatives mentioned above, go to sheamoisturefund.com, which launched Monday, April 6.
Read more stories about brands helping small businesses amid mandated non-essential business closures:
CND to Donate $100,000 to Nail Artists Affected by Mandated Business Closures
29 Beauty Brands Giving Back in Support of Coronavirus Relief
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Originally Appeared on Allure
