SheaMoisture announces $1M fund for minority entrepreneurs hurt by COVID-19
The initial phase will provide $10,000 for 10 individual businesses who have established how the award will be used to cover their costs and assist others.
SheaMoisture is stepping up to support women of color entrepreneurs and has announced a $1 million donation as the coronavirus pandemic presents unprecedented business hiccups.
The beauty brand is continuing it’s long-established ‘Community Commerce’ business model, hoping to funnel financing to communities the brand serves, creating economic independence. SheaMoisture and its parent company, Sundial Brands have teamed up for the initiative.
The initial phase will provide $10,000 for 10 individual businesses who have established how the award will be used to cover their costs and assist others.
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“All minority small business owners and entrepreneurs of color (including restaurants, hospitality, grooming, entertainers, wellness instructors, etc.) who have the ability to convene communities online for good, or distribute goods door-to-door (or via e-commerce) are encouraged to apply,” the company said in a statement.
As the program continues, SheaMoisture plans to collaborate with WeBuyBlack, the largest marketplace for Black-owned businesses, to award relief funds throughout the month. The partnership officially branded the “Community Commerce Online Marketplace” will live on SheaMoisture’s Instagram account allowing their digital community to shop and support those businesses.
Women of color will also have access to resources through The Women Of Color Business E-Lab will provide also provide mentorship and advice. The virtual series will feature speakers from Sundial and Unilever brands and once an entrepreneur completes the series, she becomes eligible to compete for funding for an economic recovery business plan.
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“During this unprecedented time of upheaval, small businesses are being disproportionately affected. 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,” said Cara Sabin, CEO of Sundial.
SheaMoisture officially kicked off the supportive movement on Instagram Tuesday, asking followers to tag qualifying businesses who can make use of the funding. “We stand ready to help. While much has changed in the world, we will continue to show up for our community, women of color, and small minority businesses during this time,” writes the caption.
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