NEW YORK — L’Oréal USA is creating the Inclusive Beauty Fund, a new grant program presented in partnership with the NAACP, the largest and most pre-eminent civil rights organization in the nation. Through this inaugural round of funding, L’Oréal USA will award 30 one-time grants of $10,000 each to Black-owned small businesses, Black entrepreneurs and professional services in all sectors of the U.S. beauty industry.

“As the leading beauty company in the United States, we believe that we have a responsibility to invest in the small business owners and entrepreneurs who are the lifeblood of our dynamic beauty industry. We are proud to team up with the NAACP to advance our shared mission of creating a more inclusive and equitable world during this time of great economic vulnerability for so many. We hope the Inclusive Beauty Fund will introduce us to entrepreneurs in the beauty industry that we can build strong relationships with well into the future,” said Angela Guy, chief diversity and inclusion officer for L’Oréal USA.

In addition to one-time funding, L’Oréal USA said it is committed to providing grantees with professional mentorship and business development support with the participation of top executives from its leading beauty brands and its professional beauty products distributor SalonCentric. The Inclusive Beauty Fund is part of L’Oréal USA’s larger commitment to support the NAACP’s mission, which will include additional initiatives to be announced in the future.

The initiative is backed by L’Oréal USA’s newly formed Diversity and Inclusion Advisory Board, who will work alongside the NAACP, L’Oréal USA and SalonCentric leaders to review and select grant recipients. The advisory board, made up of up over 20 internal and external stakeholders, have come together to generate ideas as a collective on efforts to influence and reimagine social and inclusive strategies that support L’Oréal USA’s diversity and inclusion mission to build the standard in making beauty inclusive.

“Black-owned small beauty businesses are the heartbeat of their neighborhoods, and beauty business owners are navigating tremendous challenges stemming from the Covid-19 and recent events. The NAACP is proud to partner with L’Oréal USA to help support these entrepreneurs and ensure the longevity of the services and community their businesses provide,”said Yumeka Rushing, chief strategy officer for the NAACP.