Sephora, a leading beauty retailer, supports Black-owned beauty businesses with a $100,000 grant. Are you a Black entrepreneur in the beauty industry? This could be your chance.
Despite the surge in Black-owned businesses, which now number over $2 million in the U.S., access to funding remains a significant hurdle. According to the Fifteen Percent Pledge, in 2022, Black startup founders received less than one percent of the $33.6 billion in capital distributed.
In response, the Fifteen Percent Pledge, an initiative committed to boosting economic opportunities for Black businesses, has partnered with Sephora to introduce the Sephora Beauty Grant. This grant will award $100,000 to a Black entrepreneur in the beauty sector to help expand their brand.
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Sephora has been at the forefront of promoting diversity in the beauty industry regarding product inclusivity and supplier variety. The grant is designed to further this mission, fostering connections between Black businesses and retailers.
The Fifteen Percent Pledge also reported witnessing 29 companies make multi-year commitments, potentially redirecting over $14 billion to Black businesses. The Sephora Beauty Grant is the latest endeavor to dismantle systemic barriers and champion equity in the business landscape.
This partnership is a significant step toward increasing Black ownership and supporting women-led companies. This initiative, launched just in time for the holiday season, will provide financial support and foster connections between Black entrepreneurs and major retailers.
The grant aims to address the systemic barriers that Black business owners face, particularly in the beauty industry. Doing so will contribute to a more diverse and inclusive business landscape, benefiting consumers with a broader range of products and services.
