15 Percent Pledge and Sephora are making money moves.
The non-profit organization and major retailer announced a partnership to offer a $100,000 grant to Black-owned beauty brands– aimed at helping them level up. Black business owners can apply for the grant by completing a business profile and accessing the application.
“We’re excited to see the beauty industry experiencing massive growth in expanding opportunities and client exposure to Black-owned brands. We hope that this grant will help to further propel the next generation of Black beauty owners,” Priya Venkatesh, Sephora’s Global Chief Merchandising Officer, tells ESSENCE. “Partnering with the Pledge on this wonderful initiative is a natural evolution of the work we’ve done together, and we couldn’t ask for more passionate partners.”
Starting your own beauty business is a milestone, but Black folks continue to face systematic pressures not having enough funds for their business. According to TechCrunch, founders barely receive 1% of all VC funds and are denied a bank loan to prepare their business. Fifteen Percent Pledge partners with retailers to make space for Black-owned brands. Sephora is the first major retailer to sign with the Pledge to bring in more inclusive products for their Black customers.
”Through our daily work, we tactically understand the systemic and nuanced barriers that continue to prevent Black brands from growing and developing at scale,” LaToya Williams-Belfort, Executive Director at the Fifteen Percent Pledge, said. “Not only will the Sephora Beauty Grant provide an innovative small business with critical capital, but it will also drive a direct integration within Sephora’s ecosystem, furthering our goal of creating equitable and sustainable business partnerships for Black entrepreneurs.”
Deadline to submit the application is December 18 and the winner will be announced at the Pledge’s annual gala on February 3.