Kisha Smith
Shea Moisture, a leader in Black hair care, has published its first-ever report outlining its impact on the Black community and the company’s mission of creating generational wealth to help close the over $11 trillion racial wealth gap.
The report is powered by the belief that the answer to help bridge this gap is fostering entrepreneurship and cultivating the power and potential of small businesses. The company is prouder still of its purpose-driven business model created to directly support the community: a portion of net sales of its beauty products fund economic opportunities for underserved Black entrepreneurs and business owners. In so doing, customers themselves participate in a process that reinvests back into their community.
To date, $10 million has been invested through grants, entrepreneurial education programs, partnerships, and donations, according to a press release. Highlights from the report include the following:
- The recent launch of the Next Black Millionaire Fund, providing businesses with $100,000 in funding and business development support; the inaugural cohort was announced this year and featured three recipients
- Investment in 250 under-resourced small businesses
- Over $1 million in COVID relief provided for disproportionately impacted businesses and communities, with another $1 million pledged for community resilience
- 50,000 hours of entrepreneurial education provided to Black business owners
This work began over 30 years ago under the brand’s founder and former CEO Richelieu Dennis, when he established Sundial Brands with his philosophy of business as a source for good. In 2017, he entered into an acquisition deal with Unilever, a deal which included the creation of the New Voices Fund, a venture capital fund that invests in entrepreneurs of color. Together with the Dennis Family, the New Voices Fund has invested over $100 million in portfolio companies.
To celebrate 30 years of investing in Black entrepreneurship, Shea Moisture has partnered with Radio Personality and Entrepreneur Angela Yee to announce its first Community Impact Grant for small business entrepreneurs.
“Shea Moisture has been doing this work from day one and has always put their purpose first. As an entrepreneur myself, I know how important their work is, and am excited to team up with them and help other entrepreneurs who are trying to build their own hustle,” said Yee.
The grant is open to Black small business owners who work to address needs in their community. Those interested can apply or be nominated for a chance to be awarded a $10,000 grant. Two winners will each receive the grant. Criteria and applications are available starting today until Nov. 27, 2022 at SheaMoisture.com/Impact.