L’Oréal USA broadcasts the creation of its Inclusive Magnificence Fund
L’Oreal USA’s Scholarship Program supports black-owned small businesses and black-owned entrepreneurs within the beauty community with one-time scholarships of $ 10,000 and professional mentoring
L’Oréal USA recently announced the establishment of its Inclusive Beauty Fund, a new funding program launched in partnership with the NAACP, the largest and most important civil rights organization in the country.
Under this first round of funding, the company will award 30 one-time grants of $ 10,000 / £ 7.3,000 each to black-owned small businesses, black entrepreneurs and professional services across all sectors of the US beauty industry.
With small businesses in America hardest hit by the economic fallout from the pandemic, and black-owned companies closing twice as quickly as others, according to NBER, L’Oréal USA has partnered with the NAACP to identify the most promising black companies. owned small businesses and entrepreneurs in the beauty industry that are most in need of investment.
“As the leading US beauty company, we believe we have a responsibility to invest in the small business owners and entrepreneurs who are the lifeblood of our vibrant beauty industry. We are proud to work with the NAACP to advance our shared mission to create a more inclusive and just world at this time of great economic vulnerability for so many. We hope the Inclusive Beauty Fund will introduce us to entrepreneurs in the beauty industry with whom we can continue to develop close relationships, ”said Angela Guy, L’Oréal USA’s Chief Diversity & Inclusion Officer.
In addition to the one-time funding, L’Oréal USA is committed to providing professional mentoring and business development support to fellows with the participation of top managers from its leading beauty brands and its professional beauty product distributor, SalonCentric. The Inclusive Beauty Fund is part of L’Oréal USA’s larger commitment to support the NAACP mission, which will include other initiatives that will be announced in the future.
The initiative is supported by the newly formed Diversity & Inclusion Advisory Board of L’Oréal USA, which will review and select the scholarship holders together with the executives from NAACP, L’Oréal USA and SalonCentric.
The Advisory Board, made up of over 20 internal and external stakeholders, has come together as a collective to influence and redefine social and inclusive strategies that support L’Oréal USA’s mission to promote diversity and inclusion to set the standard for the To create beauty in an inclusive way.
“Small black-owned beauty businesses are the heartbeat of their neighborhood, and beauty business owners are facing tremendous challenges arising from Covid-19 and recent events. NAACP is proud to partner with L’Oréal USA to support these entrepreneurs and ensure the longevity of the services and community their companies provide, ”said Yumeka Rushing, NAACP’s chief strategy officer.
