Whether through her real estate endeavors or the creation of community-driven businesses in her beloved hometown borough of Brooklyn, entrepreneur and radio personality Angela Yee has been a shining example of the power of ownership. Yee has teamed up with SheaMoisture to empower other business owners along their entrepreneurial journeys.
The global beauty brand has unveiled its Community Impact Grant initiative to mark three decades of investing in Black entrepreneurship. Through the program, small business owners using their companies and brands to drive social impact in their local communities will be awarded $10,000 endowments.
Yee said she hopes the grants will help entrepreneurs thrive and continue cultivating generational wealth. “As a community, we need to lean into our village to build Black wealth,” she shared in a statement. “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 program is accepting applications through Nov. 27.
The Community Impact Grant was launched in tandem with the release of SheaMoisture’s social impact report. The company has invested $10 million in donations, grants, and other resources to advance Black entrepreneurship. Among the social impact initiatives was a COVID relief project in which $1 million in funding was provided for businesses on the verge of shuttering due to the pandemic—and an additional $1 million was allocated for “community resilience” programs—250 under-supported small businesses received investments, and Black entrepreneurs were provided with 50,000 hours of business management education sessions.
Projects like the Community Impact Grant are a critical component of evoking change as racial disparities in entrepreneurship persist.
The company also launched the Next Black Millionaire Fund to provide capital and business development resources for Black-led businesses. “We’re incredibly proud of what we’ve accomplished and are humbled by the impact we’re able to create within our communities,” Sundial Brands CEO Cara Sabin shared. “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.”
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