The brand’s first Impact Report highlights the partnerships and programmes it supports to help Black-owned businesses grow.

The inequality in incomes, assets and opportunities between Black and white households, also known as the racial wealth gap, stands at more than $11 trillion in the US today.

That’s why SheaMoisture is taking inspiration from its founder to create new possibilities for Black entrepreneurs to thrive. As the No.1 multicultural hair brand in the US, it’s reinvesting at least 1% of its net sales* income every year in the Black community. And its 2022 Impact Report(Opens in a new window) reveals the progress so far.

Published in November, the report shows that the brand has awarded $10 million in grants, educational programmes, partnerships and donations that provide economic opportunities for underserved and under-represented business owners.

Highlights include:

The Next Black Millionaire Fund(Opens in a new window), which launched in 2021 and provides businesses with $100,000 in funding and business development support. The three inaugural recipients(Opens in a new window) were announced in July 2022.
Over 50,000 hours of education delivered to Black business owners.
More than $900,000 provided for entrepreneurial education opportunities between 2020 and 2021.
Investment in more than 250 under-resourced, Black-owned small businesses.
Over $1 million in Covid-19 relief provided for businesses and communities in 2020, and $1 million pledged for community resilience in 2021.
More than 53,000 West African women in cooperatives have received fair wages in the brand’s shea butter supply chain.

Investing in the future

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