L'Oréal USA and NAACP Debut New Fund for Black-Owned Small Beauty Brands
Grace Mahas — February 2, 2021 — Social Good
References: cosmeticsbusiness
L'Oréal USA recently launched the new Inclusive Beauty Fund in partnership with the National Association for the Advancement of Colored People (NAACP) – the leading civil rights organization in the United States. The initiative will serve black-owned small beauty businesses, entrepreneurs, and professional services providers with 30 one-time grants of $10,000 USD each.
Yumeka Rushing, the Chief Strategy Officer for NAACP, commented on the Inclusive Beauty Fund, stating: “Black-owned small beauty businesses are the heartbeat of their neighborhoods, and beauty business owners are navigating tremendous challenges stemming from the Covid-19 and recent events. The NAACP is proud to partner with L’Oréal USA to help support these entrepreneurs and ensure the longevity of the services and community their businesses provide.”
Image Credit: L'Oréal USA, NAACP
Yumeka Rushing, the Chief Strategy Officer for NAACP, commented on the Inclusive Beauty Fund, stating: “Black-owned small beauty businesses are the heartbeat of their neighborhoods, and beauty business owners are navigating tremendous challenges stemming from the Covid-19 and recent events. The NAACP is proud to partner with L’Oréal USA to help support these entrepreneurs and ensure the longevity of the services and community their businesses provide.”
Image Credit: L'Oréal USA, NAACP
Trend Themes
1. Inclusive Beauty - Opportunity for major beauty brands to invest in and support underrepresented small businesses.
2. Diversity and Inclusion Funds - Increasing trend of companies creating funds to support minority-owned businesses and promote diversity and inclusion.
3. Support for Small Businesses - Growing trend of corporations recognizing the importance of supporting small businesses to promote economic growth and community engagement.
Industry Implications
1. Beauty Industry - Opportunity for the beauty industry to invest in underrepresented small businesses, promote diversity and inclusion, and meet the demands of consumers for more inclusive products and services.
2. Financial Services Industry - Opportunity for financial institutions to create funds to support minority-owned businesses and invest in underrepresented industries.
3. Non-profit Industry - Opportunity for non-profit organizations to partner with corporations and support underrepresented small businesses and entrepreneurs.
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