L’Oréal USA teams up with NAACP to launch Inclusive Beauty Fund

L’Oréal USA has created a new grant programme, called Inclusive Beauty Fund, in partnership with NAACP, a civil rights organisation in the US.

Under the inaugural round of funding, L’Oréal USA will award 30 one-time grants of $10,000 each to businesses owned by Blacks, Black entrepreneurs, and professional services in the US beauty industry.

During the Covid-19 pandemic, small businesses in the US have been hit the hardest, and Black-owned firms have been the worst hit, according to NBER.

L’Oréal USA and NAACP will identify the most promising small businesses owned by Blacks in need of investment injection.

L’Oréal USA chief diversity and inclusion officer Angela Guy said: “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.”

Along with one-time funding, L’Oréal USA has committed to provide professional mentorship and business development support to the grantees.

The fund is a part of L’Oréal USA’s commitment to support the NAACP’s mission and will include additional initiatives to be announced later.

Applications to receive the funding will be administered by the NAACP in partnership with Hello Alice, a platform for small business owners.

L’Oréal USA’s newly formed Diversity & Inclusion Advisory Board will work with NAACP, and its beauty products distributor SalonCentric to select grant recipients.