THE WHAT? L’Oréal USA has partnered with NAACP to present a new grant program, named the Inclusive Beauty Fund. The US branch of the French beauty giant will award 30 one-time grants of US$10,000 to Black-owned small businesses, entrepreneurs and professional services across the US beauty industry.
THE DETAILS L’Oréal USA will also provide professional mentorship and business development support to grantees. The initiative is backed by the French beauty giant’s newly formed Diversity & Inclusion Advisory Board.
THE WHY? L’Oréal USA said that the pandemic had hit small businesses hard, and Black-owned businesses even harder, making investment crucial at this time. “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.