As a community, we must support one another in order to increase Black wealth, added Yee.
Entrepreneur and radio host Angela Yee has been a shining example of the power of ownership, whether via her real estate pursuits or the development of community-driven companies in her cherished native borough of Brooklyn. Yee and SheaMoisture have partnered to support other company owners in their entrepreneurial endeavours.
The major cosmetics company has announced its Community Impact Grant programme to commemorate thirty years of supporting Black business owners. Small business entrepreneurs that use their brands and enterprises to create social impact in their neighbourhood areas will receive $10,000 endowments under the initiative.
Yee expressed her hope that the funds will support businesses in thriving and fostering generational wealth. She said in a statement that “as a community, we need to lean into our village to develop Black wealth.” “SheaMoisture has been carrying out this task since the beginning and has always prioritised their mission. I am delighted to work with them and support other entrepreneurs who are attempting to develop their own businesses since I am an entrepreneur myself and I am aware of how vital their work is. Applications for the programme will be accepted through November 27.
The debut of the Community Impact Grant coincided with the publication of SheaMoisture’s social impact report. To promote Black entrepreneurship, the corporation has committed $10 million in donations, grants, and other resources. A COVID relief project that provided $1 million in funding for companies on the verge of closing down due to the pandemic—along with an additional $1 million for “community resilience” programs—as well as investments in 250 under-supported small businesses and 50,000 hours of business management training for Black entrepreneurs—was one of the social impact initiatives.
As long as there remain racial gaps in entrepreneurship, initiatives like the Community Impact Grant are essential to bringing about change.
The business also established the Next Black Millionaire Fund to provide Black-owned businesses with funding and resources for business growth. Sundial Brands CEO Cara Sabin said, “We’re tremendously proud of what we’ve done and are honoured by the effect we’re able to produce within our communities. This study highlights the work that has already been accomplished, but more significantly, it emphasises the work that has to be done. In order to expedite the wealth cycle for future Black generations, we aim to motivate others to join us.