Beauty business owners face a myriad of challenges and roadblocks when it comes to securing funds to improve or scale their businesses. Costs can quickly add up as entrepreneurs attempt to stay on top of the latest technology, changing client preferences, promotion and advertising opportunities, inventory requirements, facility or equipment repairs and enhancements, and more.
Financial industry data reveals that Black and BIPOC business owners are challenged the most, receiving less financing (or none at all), less often, and at higher rates than their counterparts. An option for these entrepreneurs to consider is grant funding. More foundations and corporations are creating grant programs specifically to help launch, grow, or scale Black, BIPOC, and women-led businesses without the owners giving up equity or taking on debt.
These grant resources are currently seeking applicants over the next couple of months. Beauty business owners are welcome and encouraged to apply.
- The Lip Bar Bawse Ventures: This micro fund invests in Black and BIPOC entrepreneurs to give them up to $25,000 in grants designed to help launch or grow their business. TLP Founder and CEO, Melissa Butler says that most small businesses are not large enough to venture capital dollars and business loans are far out of reach. So, when you just need $10k to help fund your inventory, where do you go? She states that she wants to be the friend that allows the next generation of entrepreneurs to follow their dreams fearlessly. The deadline to apply is April 12, 2024. Apply online at: https://thelipbar.com/pages/bawse-ventures.
- Briogeo Dream Makers Founder Grant: Briogeo Hair Care founder, Nancy Twine collaborates with Sephora’s 2024 Accelerate and Fifteen Percent Pledge to create a $1 million-dollar fund providing $250,000 grants annually between 2024-2027, to support Black and BIPOC female entrepreneurs in the consumer goods industry. Applications are accepted March-April, 2024, at: https://nancytwine.com/thegrant/
- BeyGOOD Foundation: Beyoncé’s BeyGOOD and Cécred have teamed with the National Minority Supplier Development Council (NMSDC) to provide $10K grants to 25 hairstylists. This grant is open to salon owners and operators, booth renters, and, even, work-from-home hairstylists. You just need to be licensed for at least two years per regulations in your state. Qualified hairstylists must be based in one of five key markets: Atlanta, Chicago, Houston, Los Angeles, and New Jersey. One hairstylist from each market will be selected every other month, beginning in April, throughout 2024. Application deadlines are: March 20, 2024; May 20, 2024; July 20, 2024; September 20, 204; and November 20, 2024. Apply at: https://beygood.org/cecred
- Cécred x BeyGOOD Student Scholarships: Queen Bey’s foundation does it again by also serving up scholarships for hairstylists-in-training to provide $10K in funding to 25 students to attend one of the following five cosmetology schools: Beaver Beauty Academy (Atlanta, GA), Franklin Institute (Houston, TX), Janas Cosmetology Academy (New Jersey), Trenz Beauty Academy (Chicago, IL), Universal College of Beauty (Los Angeles, CA). Scholarship applicants must also be residents in one of the five markets. Deadline: March 20, 2024. Apply at: nmsdc.org
- HerRise Micro-Grant: This is a monthly $500 grant for BIPOC woman-owned small businesses, offered by the Yva Jourdan Foundation, the nonprofit arm of HerSuiteSpot. The grant is open to businesses in any industry, including beauty. Applications close on the last day of each month. Beauty businesses are welcome to apply. https://www.hersuitespot.com/herrise/
- IFundWomen/BOTOX® Cosmetic Grant Program: BOTOX has teamed with IFundWomen for the second year to support the women leaders of tomorrow with the tools they need to succeed today. Designed to help close the confidence gap, it will provide up to 20 groundbreaking women entrepreneurs each with $25,000 grants, along with coaching and mentorship. Honorees will also become a part of the award-winning IFundWomen Method Crowdfunding Accelerator, designed to fuel ambitions, increase confidence, and drive long-term impact for future women founders. Deadline: March 19, 2024. Apply at: ifundwomen.com
- Wish Local Empowerment Grant: U.S.-based Black-owned businesses with a brick-and-mortar shop can apply for microgrants ranging from $500-$2000. Must have 20 or fewer employees and under $1M average revenue. This deadline is ongoing. Apply at: wish.com.
