SheaMoisture Releases First-Ever Impact Report, Partners With Entrepreneur Angela Yee To Introduce Community Impact Grant

SheaMoisture has released its first report outlining its impact on the black community and the company’s mission to create generational wealth to help close the more than $11 trillion racial wealth gap.

The company believes that the answer to help bridge this gap is to foster entrepreneurship and nurture the power and potential of small businesses. Its purpose-driven business model was created to directly support the community: a portion of the net sales of its cosmetic products provide economic opportunities for Black entrepreneurs and business owners. In this way, clients participate in a process that reinvests in their community.

To date, $10 million has been invested through grants, entrepreneurship education programs, partnerships and grants. The report includes the following highlights: The recent launch of the Next Black Millionaire Fund, which provides businesses with $100,000 in grants and business development support; This year’s inaugural group was announced and featured three recipients. Investing in 250 small businesses with few resources; More than $1 million in Covid aid was provided to businesses and communities disproportionately affected, and another $1 million was committed to community resilience. and 50,000 hours of entrepreneurship training provided to black business owners.

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It began more than 30 years ago under the brand’s founder and former CEO, Richelieu Denis, when he founded Sunwatch Brands with his business philosophy as a resource for good. In 2017, he signed a deal with Unilever that included the creation of the New Voices Fund, a venture capital fund that invests in entrepreneurs of color. Together with the Dennis family, New Voices Fund has invested more than $100 million in portfolio companies.

This report and others highlight the significant impact the brand has made since 2020 under the current leadership of Cara Sabin, CEO of Sun Brands (maker of SheaMoisture) and CEO of Beauty & Wellbeing at Unilever North America.

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Accelerate the cycle of wealth

“We are incredibly proud of what we have accomplished and humbled by the impact we can make in our communities,” Sabin said. “This report shows the work that has been done, but more importantly, it points to the work that still needs to be done. We hope to inspire others to join us in accelerating the cycle of black generational wealth.”

To coincide with this report and to celebrate 30 years of investing in black entrepreneurship, SheaMoisture has partnered with radio personality and entrepreneur Angela Yee to announce its first social impact grant for small business entrepreneurs. As an entrepreneur and philanthropist, Yee is committed to providing opportunity, resources and guidance to those who need it most.

“As a society, we must lean into our countryside to build black wealth,” Yee said. “SheaMoisture has done this since day one and has always put its purpose first. As an entrepreneur myself, I know how important their work is, and I’m excited to partner with them and help other entrepreneurs trying to build their hustle.”

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This grant is open to Black small business owners working to meet the needs of their community. Those interested can apply or be nominated for a chance to receive a $10,000 grant. Two winners will each receive a grant. Criteria and plans are available here from today until November 27, 2022.

Looking ahead, SheaMoisture aims to become a $1 billion brand to fully realize the business’s potential to make a positive impact. Among the future goals stated in this report, we can mention the investment of another 10 million dollars by the society until 2025.

The report is available for download and reading here.

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