L’Oréal USA has announced the second edition of its Inclusive Beauty Fund, which provides financial support to small beauty businesses in the US.
The beauty giant will give one-time grants to 40 entrepreneurs in the country who are “facing economic hurdles and headwinds” as a way to help “scale their businesses”.
Grantees will also receive mentorship and business development support from L’Oréal executives and its professional products distributor SalonCentric.
The programme, created in partnership with US civil rights organisation the National Association for the Advancement of Colored People (NAACP), has been expanded this year to include new NGO Hispanic Federation and grant administrator GlobalGiving.
Companies eligible to apply for grants include salons, spas, barbers and extensions artists.
As well as braiders, aestheticians, make-up artists, start-up founders, students and stylists.
“The Inclusive Beauty Fund is one of the cornerstones of L’Oréal’s broader commitment to advancing inclusivity within the beauty industry,” said Liliahn Majeed, Chief Diversity, Equity and Inclusion Officer, North America, for L’Oréal Groupe.
“We value the role small businesses play in bringing vital products and services to consumers across all backgrounds and lived experiences.
“And we want to do our part to support beauty businesses and entrepreneurs who are working to navigate economic challenges.”
Companies interested in applying can do so via L’Oréal USA and the NAACP’s partnership with the Hello Alice platform, or via the Hispanic Federation’s website.
The deadline for applications is 29 March, with winners announced in April.
33 small beauty businesses in the US were recipients of the first round of financial support given by L’Oréal’s Inclusive Beauty’s Fund in 2021.
Many used the money to grow their inventory, refine marketing strategies and open new retail locations.
“The resources were really the linchpin for us,” said 2021 Inclusive Beauty Fund grantee, LaToya Stirrup, who is the CEO of hair brush company Kazmaleje.
“As a business, it provided us with a gateway to connect with salon owners and stylists in a whole new way.”
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