The company sets a new corporate standard as it works to create Black generational wealth
(Black PR Wire) NEW YORK–(BUSINESS WIRE)– Today, SheaMoisture publishes its first-ever report outlining its impact on the Black community and the company’s mission of creating generational wealth to help close the over $11 trillion racial wealth gap*.
Powered by the belief that the answer to help bridge this gap is fostering entrepreneurship and cultivating the power and potential of small businesses, SheaMoisture is proud to release its impact report. It is prouder still of its purpose-driven business model created to directly support the community: a portion of net sales of its beauty products fund economic opportunities for underserved Black entrepreneurs and business owners. In this way, customers themselves participate in a process that reinvests back into their community.
To date, $10 million has been invested through grants, entrepreneurial education programs, partnerships, and donations. A few 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; the inaugural cohort was announced this year and featured three recipients
- Investment in 250 under-resourced small businesses
- Over $1 million in COVID relief was provided for disproportionately impacted businesses and communities, with another $1 million pledged for community resilience
- 50,000 hours of entrepreneurial education provided to Black business owners
This work began over 30 years ago under the brand’s founder and former CEO Richelieu Dennis, when he established Sundial Brands with his philosophy of business as a source for good. In 2017, he entered into an acquisition deal with Unilever, a deal which included the creation of the New Voices Fund, a venture capital fund that invests in entrepreneurs of color. Together with the Dennis Family, the New Voices Fund has invested over $100 million in portfolio companies.
The report highlights this and other significant impacts the brand has made since 2020 under the current leadership of Cara Sabin, CEO of Sundial Brands (maker of SheaMoisture) and CEO of Beauty & Wellbeing at Unilever North America.
“We’re incredibly proud of what we’ve accomplished and are humbled by the impact we’re able to create within our communities,” says Sabin. “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.”
In tandem with the 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 Community Impact Grant for small business entrepreneurs. As an entrepreneur and philanthropist herself, Yee is committed to providing opportunity, resources, and mentorship to those who need it most.
“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 grant is open to Black small business owners who work to address needs in their community. Those interested can apply or be nominated for a chance to be awarded a $10,000 grant. Two winners will each receive the grant. Criteria and applications are available starting today until November 27, 2022, at SheaMoisture.com/Impact.
Looking ahead, SheaMoisture is aiming to become a $1 billion brand to fully realize the business’s potential for driving positive impact. Among the future goals laid out in the report include another $10 million worth of community investment by 2025.