SheaMoisture Is Giving $1 Million to Women of Color Whose Businesses Are Impacted by COVID-19
The brand is stepping up in a big way.
In the age of coronavirus, small businesses have undeniably taken a serious hit. Many deemed as non-essential services have been forced to close their doors, with no date for re-opening in sight.
To help relieve some of the economic toll the pandemic has taken on women of color entrepeneurs and their small businesses, beauty brand SheaMoisture has put together a $1 million relief fund to support its core community.
"During this unprecedented time of upheaval, small businesses are being disproportionately affected," Cara Sabin, CEO of Sundial, SheaMoisture’s parent company, said in a statement. "For SheaMoisture, which was once a small business, the power of community and entrepreneurship is close to our hearts. Through this fund, we are committed to giving back to the communities that have helped us become who we are."
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To help as many entrepreneurs as possible, the intiative will be broken down into three parts.
The first will be for unsung businesses, which have gone above and beyond to help their communities during the COVID-19 crisis. Ten companies will be awarded with $10,000 each.
SheaMoisture will also be investing into a virtual series called The Women of Color Businesses E-Lab, which aims to give this cohort access to resources, mentorship, and the skills on how to prepare for economic uncertainty. Speakers from corporations such as Sundial Brands and Unilever will be participating. Once entrepeneurs have completed the series, they will be able to participate in a pitch competition in order to receive funding for their businesses.
The third phase of the initiative will be in partnership with We Buy Black, the largest online market for Black-owned businesses, to award companies that have been open for at least two years, and at risk for brankruptsy or closing, with funding throughout the month of April.
To find out more on SheaMoisture's relief funding and how to apply, small businesses owners can head to www.sheamoisturefund.com.