SheaMoisture has released the findings from its first-ever report that outlines the impact it has had on the Black community and its mission of creating generational wealth to close the more than $11 trillion wage gap that currently exists.
Powered by the belief that the response to aid in bridging the gap lies in fostering entrepreneurship and cultivating the power and potential of small business, the purpose-driven model directly supports the community, the company said.
A portion of net sales of the brand’s beauty products funds economic opportunities for underserved Black entrepreneurs and business owners, which allows customers to participate in a process that reinvests back into their own communities.
“We’re incredibly proud of what we’ve accomplished and are humbled by the impact we’re able to create within our communities,” said Cara Sabin, CEO of Sundial Brands and CEO of beauty and wellbeing at Unilever North America. “This report illustrates the work that’s happened, but more importantly it points to the work that still needs to be done. We hope to inspire others to join us to accelerate the wealth cycle for Black generations to come.”
Other highlights from the report include the recent launch of the Next Black Millionaire Fund, providing businesses with $100,000 in funding and business development support; an investment in 250 under-resourced small businesses; 50,000 hours of entrepreneurial education provided to Black business owners; and more than $1 million provided in COVID-19 relief to disproportionately impacted businesses and communities.
In addition, the brand announced that it has partnered with radio personality Angela Yee to announce its first Community Impact Grant for small business entrepreneurs.
“As a community, we need to lean into our village to build Black wealth,” says Yee. “SheaMoisture 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.”
The report is available to download and read now at SheaMoisture.com/Impact.