The global hair and skincare brand SheaMoisture is extending support to entrepreneurs of color whose businesses have been significantly affected by the COVID-19 pandemic. According to Forbes, the company announced the launch of a $1 million relief fund for diverse business owners.
The fund will help minimize the financial impact for minority and black-owned businesses. https://t.co/QO0KKmSugM
— USA TODAY Money (@USATODAYmoney) April 3, 2020
The effort is being led under a larger initiative started by the company dubbed Community Commerce which was created to use business as an avenue to invest in and uplift communities locally and globally. The fund will help small minority-owned businesses that have been dedicated to supporting those in need amid the public health crisis. Ten entrepreneurs will each receive $10,000 to further their efforts and the company will also provide financial assistance for Black-owned businesses throughout the entire month of April. SheaMoisture is teaming up with We Buy Black to choose the recipients.
“We are in awe, although not surprised, by the generosity and resourcefulness of entrepreneurs of color and small businesses to support their communities at this time,” read a statement on the company’s website. “Many of you are now using your business and resources in creative ways—from hosting online communities to keep us connected to turning your facilities into spaces to manufacture scarce items. Now we want to help you continue this cycle of change. We are and always have been committed to supporting our community’s efforts to take care of themselves and their neighbors.” A percentage of SheaMoisture’s sales is being used to fund these projects.
The company is also providing e-learning courses centered on economic resources, mentorship and navigating the public health crisis. “During this unprecedented time of upheaval, small businesses are being disproportionately affected,” Cara Sabin, CEO of Sundial Brands, told the news outlet. “For SheaMoisture, which was once a small business, the power of community and entrepreneurship is close to our hearts.”
SheaMoisture has led several philanthropic efforts through Community Commerce including an initiative designed to help youth who have been in the foster care system and a tech entrepreneurship program in Liberia.
SEE ALSO:
Rihanna’s Nonprofit Donates $5 Million To COVID-19 Relief Efforts
Michael Jackson’s Estate Donates $300,000 To Organizations Leading Coronavirus Relief Efforts
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