Beauty News: L’Oréal USA launches second edition of its inclusive beauty fund

L’Oréal USA just launched a new edition of its Inclusive Beauty Fund, which provides financial support and resources to small businesses and entrepreneurs across the beauty industry. Administered in collaboration with the NAACP’s Economic Empowerment Fund and Hispanic Federation, respectively, L’Oréal has partnered with GlobalGiving to provide 40 one-time grants to small businesses and entrepreneurs in the beauty industry across the United States.

In 2021, recognizing that beauty businesses were some of the most acutely impacted by the economic fallout of COVID-19 and resulting shutdowns, L’Oréal USA partnered with the NAACP to provide much needed support in terms of funding and business mentoring to 33 small beauty businesses. Grant recipients used the funds to grow their inventory, refine marketing strategies, and open new retail locations.

“The grant provided by L’Oréal USA and NAACP came at the perfect time for us. It truly provided us with the fuel to invest in inventory, as well as marketing. The resources were really the linchpin for us. As a business it provided us with a gateway to connect with salon owners and stylists in a whole new way,” said LaToya Stirrup, Co-Founder and CEO of Kazmaleje, a recipient of an Inclusive Beauty Fund grant in 2021.

While progress has been made, L’Oréal says it is important to continue supporting beauty entrepreneurs who are still facing economic hurdles and headwinds. According to the beauty giant, these challenges limit their potential to scale their businesses and provide essential beauty services to consumers nationwide.

Expanded program

In 2024, L’Oréal USA is expanding the program to include NGO partner Hispanic Federation and grant administrator GlobalGiving. In addition to one-time funding, the company 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 one of the cornerstones of L’Oréal’s broader commitment to advancing inclusivity within the beauty industry,” said Liliahn Majeed, Chief Diversity, Equity & Inclusion Officer, North America, L’Oréal Groupe. “We value the role small businesses play in bringing vital products and services to consumers across all backgrounds and lived experiences and we want to do our part to support beauty businesses and entrepreneurs who are working to navigate economic challenges.”