We pledge to give back $1 Million in direct funding annually to where our community is most underserved. Below are some examples of our commitment in action.
SheaMoisture, in partnership with Target and the New Voices Foundation, has launched the Next Black Millionaire Fund, providing funding and retail opportunities to three Black-owned businesses in an effort to help close the racial wealth gap. As a part of this program, the three selected businesses will each receive: $100,000 grant, business development services provided by New Voices Foundation, retail distribution consultation, an opportunity to collaborate with SheaMoisture, and an opportunity to participate in a streaming docuseries that follows each business’s journey as they scale over the course of the year. Stay tuned to learn who will become the Next Black Millionaires!
In partnership with Good Mirrors Aren’t Cheap, SheaMoisture announced a $50,000 grant opportunity for Women’s History Month. The Emerging Visionary Grant celebrates Black womxn who are using their creative voices to spur a more equitable future. Ten (10) $5,000 grants were awarded to further the work of Black womxn creatives who are using art to spearhead change within their communities.
In partnership with Ms. Tina Knowles, SheaMoisture launched the Salon Innovation Fund to award five stylists or barbers $10,000 each to take their business to the next level. This grant benefits stylists who are looking to turn their side-hustle into a business. Our goal is to help Black men and women grow and scale their innovations, allowing them to introduce multiple streams of income into their businesses, as we continue our work to close the wealth gap.
In the wake of racial injustices and the deaths of George Floyd, Ahmaud Arberry and Breonna Taylor, SheaMoisture formed the Social Justice Coalition, a $100,000 investment fund and advocacy campaign dedicated to supporting Black-led community activism and social entrepreneurship. The SJC awarded five $20,000 US grants to those whose efforts are focused on providing long-term solutions that have a sustainable impact in one of the following issue areas: police reform, healthcare access, educational equity, economic justice and voting rights.
We know that Black founders receive less than 1% of venture capital funding, despite being at the forefront of innovation, disruption and creativity. We want to be part of the solution and are so grateful to partner with our friends at Brown Girl Jane with a $150,000 fund to award two 25K grand prize grants and ten 10K grants to twelve next-level black women beauty and wellness bosses.
In partnership with the Black Coalition Against COVID, and the University of Maryland Center for Health Equity, SheaMoisture committed $1 Million in funding to engage barbershops and salons as community health advocates. Funds were used to provide 1000 Black shops $1,000 each in funding, along with training and resources to keep their communities safe and without incidence from COVID-19.
In partnership with WCAN, the SheaMoisture U.K. Salon Relief Fund awarded £44,000 GBP in grants to 10 Black, female-owned salons that were impacted by COVID-19 in the U.K. WCAN is a hub for the personal and professional development of Black women.
Unsung Business Fund
SheaMoisture provided $100,000 to support 10 small minority-owned businesses that stepped up to support their communities during the recent COVID-19 crisis.
In partnership with New Voices Foundation, SheaMoisture created an e-learning platform for women of color entrepreneurs to continue to gain education, access to resources, mentorship, and advice on how to prepare for the economic downturn. In addition, SheaMoisture provided $100,000 to support 10 women of color entrepreneurs as part of New Voices PowerPitch competition.
Babson College Summer Study for High School Students
SheaMoisture and The Sofi Tucker Foundation have partnered with Babson College to establish the #SheaMoisture scholarship to fully fund 10 young women to attend Babson College’s Summer Study for High School Students. This scholarship empowers young girls in high school to discover and strengthen the skills needed to be a successful entrepreneur. This one-month intensive program at Babson College connects students from around the world, including the United States, Rwanda, Pakistan, Cambodia, and Slovakia.
SMART Liberia’s Girls Entrepreneurship and Technology Program (GET) is designed to empower and encourage entrepreneurship and technology among young girls and young women in secondary school to university level and tertiary institutions in Liberia as a way of promoting innovation and fighting extreme poverty in those communities. SheaMoisture and the Sofi Tucker Foundation provide a grant to help empower 50 girls and women to start or grow their businesses and help lift their communities out of poverty.
Jackie Robinson Foundation
SheaMoisture and the Sofi Tucker Foundation have partnered with the Jackie Robinson Foundation to provide college scholarships and leadership development to academically gifted students of color in financial need. Through this partnership, SheaMoisture provides a grant to support undergraduate JRF Scholars attending Historically Black Colleges & Universities (HBCUs). This grant funds the Scholars’ participation in the Mentoring and Leadership Development Program, including generous four-year financial scholarships and a comprehensive curriculum designed to ensure graduation and post-secondary success.