These unprecedented times are challenging for all business owners, but minority businesses have been some of the hardest hit to date. If there’s anything Black entrepreneurs need right now, it’s “money,” said Simone Jordan, Global Head of Commerce at Unilever.
“They’ve been locked out of a lot of loan assistance programs,” Jordan said. “The funding is coming from banks where they haven’t had success before. And so, this time is very critical.”
Even though resources are limited, business owners are still tasked with protecting their families, employees, and communities. Shea Moisture is stepping in to ensure that they have resources to do just that.
During the ESSENCE + New Voices Entrepreneur Virtual Summit on Friday, Jordan shared that the brand’s $1 Million Community Commerce Fund —created to minimize the financial disruption that so many businesses are facing as a result of the global crisis— has been the glimpse of hope that many Black business owners needed.
“When we had a call with businesses last night, it was such an honor and privilege to talk to some Black-owned businesses,” she continued. “And knowing that they would receive relief…they said that this was the glimpse of hope that they needed.”
“Shea Moisture came through with this funding for them, and they felt like, ‘you know what, everything is going to be ok.’”
Shea Moisture kicked off the fund with Unsung Business and Buy Black. The brand will continue to provide relief through other programs, such as its e-Lab for women of color entrepreneurs. For more information, visit sheamoisture.com.