Beauty mogul Courtney Adeleye has seen a lot of success in entrepreneurship and is paying it forward by investing in the futures of Black women business owners. According to Black Enterprise, The Mane Choice founder and CEO has teamed up with the company MAV Beauty Brands for the creation of a fund designed for women of color.
The Fund—dubbed The Generational Advantage Fund—was created to empower Black women entrepreneurs and help them lay the foundation for building generational wealth. The initiative will offer programs and resources surrounding securing funding for business ventures, financial literacy, housing and other areas. Adeleye has contributed $30 million to the fund.
“I’ve always been passionate about finding opportunities to give back and meet the needs of my community. My sisters and I were raised by a single mom in Detroit, Michigan, so I especially wanted to help women in a way that would have an impact not just today, but for generations to come. And even after countless giveaways, I knew there was still much more to be done,” she wrote in an Instagram post. “I’ve been searching for ways to expand my reach to impact even more lives, and it was super important for me to find the perfect partner to continue and expand on the work I’ve already started in the community. The Generational Advantage Fund is designed to bridge the wealth gap for women now and for generations to come by not just alleviating an immediate need but providing resources to build generational wealth.”
News about the fund comes shortly after Adeleye’s 5-year-old daughter Lily Adeleye became the youngest CEO to have her company’s products sold at Target. The youngster’s brand Lily Frilly—which was designed to inspire young girls—sells a variety of products including backpacks, dresses, lunchboxes and bows.