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 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.
“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 women minority-owned businesses that are finding innovative ways to reach and support their community and customers.
To start, ten 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 towards the Community Commerce program that supports funding, education and coaching for small business owners of color, the company says.
Businesses can apply now through the month of April.
Follow Jazmin Goodwin on Twitter: @jazminkgoodwin.