TSR Positive Images: We all we got! Businesses across America have closed their doors as a result of the global pandemic, but SheaMoisture is making sure it looks out for the underserved trying to recover.
The beauty brand has announced a $1 million relief fund to support women of color entrepreneurs and small minority businesses.
The fund was created to minimize the financial disruptions many small minority, and black-owned businesses are experiencing during this time. The fund supports cash grants for businesses and an e-learning lab for women of color entrepreneurs, giving them access to education and coaching.
Initiatives under the fund will include cash grants and also an e-learning lab for women of color entrepreneurs.
As you can imagine, product-based companies have seen a disruption in their supply chain as many businesses are dependent on China. While the long-term effects of the virus on businesses are unknown, there have already been noted trends, like a decline in consumer spending, according to Forbes.
In some larger companies, CEOs are forfeiting their salary to avoid having to lay off employees. Large companies within the United States may receive financial relief from government, but many small businesses have clearly gotten the short end of the stick when it comes to the stimulus package.
In SheaMoisture’s case, funds will be awarded for minority-owned businesses that are creating unique ways to reach their customers and communities.
SheaMoisture is encouraging business owners of color to apply now and throughout the month of April. According to Forbes, 10 business owners will be selected and awarded $10,000 each.
An additional component of the COVID-19 relief will be providing support specifically for Black-owned businesses throughout the month of April.
We already know black business owners face their own set of hurdles when trying to get funding, so the pandemic adds another layer of challenges for business owners trying to navigate the crisis, and often times communities of color are hit the hardest during recessions.
The support that SheaMoisture is providing Black businesses can be the difference between sinking or swimming.
“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, the CEO of SheaMoisture’s parent company Sundial.
“Through this fund, we are committed to giving back to the communities that have helped us become who we are.”