Haircare brand providing $1 million to support small businesses affected by COVID-19
The novel coronavirus pandemic has left many small businesses searching for financial relief, and haircare brand SheaMoisture has stepped up with a generous grant.
On Monday, the brand posted on Instagram that it was creating a Community Commerce fund to support women-of-color entrepreneurs and small minority-owned businesses.
The post went on to advise the brand's community to tag a business that could use a stimulus fund.
On Wednesday, SheaMoisture announced its Community Commerce initiative includes a pledge of $1 million.
"During this unprecedented time of upheaval, small businesses are being disproportionately affected," the CEO of Sundial, SheaMoisture's parent company, Cara Sabin, 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."
When applying, each potential recipient must demonstrate how the award will be used to cover costs and assist others, and from there 10 minority-owned small businesses will receive $10,000 each in April, the program's first phase.
Award relief funds will be distributed in partnership with We Buy Black, the largest marketplace for black-owned businesses. With that, the brands will be highlighted under "Community Commerce Online Marketplace" on SheaMoisture's Instagram account.
Additionally, a Women of Color Businesses E-Lab platform has been created to provide access to resources, mentorship, and advice on how to prepare for the economic downturn and how to plan for the recovery. The virtual series will feature speakers from Sundial brands, Unilever and more. Once completing this series, women of color entrepreneurs then have the chance to participate in a virtual competition to fund their economic recovery business plan.
