L'Oréal USA launches second phase of Inclusive Beauty Fund

L'Oréal USA has launched a new version of its Inclusive Beauty Fund to provide financial support and resources to small businesses and entrepreneurs in the beauty industry. Administered in collaboration with the NAACP's Economic Empowerment Fund and the Hispanic Federation, and in partnership with GlobalGiving, L'Oréal is providing 40 one-time grants to small businesses and entrepreneurs in the beauty industry across the United States.

In 2021, L'Oréal USA recognized that beauty companies are among those hardest hit by the economic impact of COVID-19 and the resulting shutdowns. That's why it's partnering with the National Association for the Advancement of Colored People (NAACP) to provide 33 small beauty businesses with much-needed funding and business coaching support. Grant recipients use the funds to increase inventory, refine marketing strategies and open new retail stores.

"The grant from L'Oréal US and the NAACP came at the perfect time for us. It really gives us the impetus to invest in inventory and marketing. Resources are really key for us. As a business, it gives us a portal to connect with salon owners and stylists in a whole new way. " said LaToya Stirrup, co-founder and CEO of Kazmaleje, a 2021 Inclusive Beauty Fund grant recipient.

Despite the progress, L'Oréal said it is important to continue supporting beauty entrepreneurs who still face financial obstacles and headwinds. The beauty giant says these challenges limit their potential to expand their business and provide essential beauty services to consumers across the country.

In 2024, L'Oréal US will expand the program to include NGO partners Hispanic Federation and grant administrator GlobalGiving. In addition to one-time grants, the company is committed to providing grantees with professional mentorship and business development support, involving executives from leading beauty brands and its distributor of specialty beauty products, SalonCentric.

"The Inclusive Beauty Fund is one of the cornerstones of L'Oréal's broader commitment to promoting inclusivity in the beauty industry," said Liliahn Majeed, Chief Diversity, Equity and Inclusion Officer, L'Oréal Group North America. "We value the role small businesses play in providing important products and services to consumers of all backgrounds and life experiences, and we want to do our part to support beauty businesses and entrepreneurs who are grappling with economic challenges."