SheaMoisture announces $1M relief fund to women of color entrepreneurs affected by coronavirus
Haircare and beauty brand SheaMoisture and its parent company, Sundial Brands, has announced a $1 million relief fund to help support women of color entrepreneurs and minority-owned businesses affected by coronavirus.
The Community Commerce fund is an extension of SheaMoisture's long-established Community Commerce program. The fund aims to minimize financial hardships that minority and black-owned businesses are facing from COVID-19 and show the power of small businesses.
SheaMoisture is also rolling out new initiatives under the fund that include cash grants and an e-learning lab for women of color entrepreneurs.
#SheaMoisture is proud to announce its $1M Fund to support women of color entrepreneurs and small minority businesses. Read more here: https://t.co/e6Mploobx5 pic.twitter.com/RHjBOu4ytp
— SheaMoisture (@SheaMoisture) April 2, 2020
"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," said Cara Sabin, CEO of Sundial Brands in a statement. "Through this fund, we are committed to giving back to the communities that have helped us become who we are."
Funds will be awarded to businesses that are finding innovative ways to reach and support their community and customers.
To start, 10 business owners will be selected and awarded $10,000 each. Following these awards, through a partnership with We Buy Black, the largest marketplace for black-owned businesses, SheaMoisture will continue to award additional funds throughout the month. The company is encouraging business owners to reach out to be considered.
A portion of the proceeds of every SheaMoisture purchase will go toward the Community Commerce program that supports funding, education and coaching for small-business owners of color, the company says.
Businesses can visit sheamoisturefund.com to learn more and apply. Applications will be available starting April 8.
Follow Jazmin Goodwin on Twitter: @jazminkgoodwin.
This article originally appeared on USA TODAY: SheaMoisture pledges $1M to minority business owners hurt by COVID-19
