Tarte Cosmetics pledges US$300,000 to empower Black female entrepreneurs

Tarte Cosmetics pledges US$300,000 to empower Black female entrepreneurs

THE WHAT? Tarte Cosmetics has announced its second annual Shape Your Future Small Business Awards. The program will grant US$300,000 to Black female entrepreneurs, starting next month.

THE DETAILS Of the total sum, Tarte will contribute half, with US$150,000 donated by CEO Maureen Kelly. The program will offer two tiers of funding; six awards of US$25,000 and 15 of US$10,0000. Each recipient will also receive ongoing mentorship with key Tarte executives.

New for this year, Tarte Labs will offer award recipients an additional resource – from studio and content creation space to legal document guidance – operating from the brand’s NYC headquarters.

THE WHY? With less than 1 percent of venture-backed capital reaching Black-owned businesses and just 0.34 percent of capital spent in the US directed at Black female start-up founders, Tarte is doubling down on its commitment to support the larger entrepreneurial community.  

Kelly explains, “I’m grateful to everyone who helped me along the way, and that’s why lifting up other entrepreneurs is so important to me. Supporting Black small business owners is one way to help shape a more inclusive, equitable and thriving business landscape.”