Fifteen Percent Pledge has partnered with Sephora to award one Black business owner in the beauty industry $100,000.

”We’re excited to see the beauty industry experiencing massive growth in expanding opportunities and client exposure to Black-owned brands, and we hope that this grant will help to further propel the next generation of Black beauty owners,” Priya Venkatesh, global chief merchandising officer at Sephora, told The Business of Beauty.

Starting a beauty business is a significant milestone, but Black entrepreneurs often encounter challenges accessing funds.

According to TechCrunch, founders receive only one per cent of all VC funds, and securing a bank loan can be a formidable hurdle. Fifteen Percent Pledge actively collaborates with retailers to create space for Black-owned brands. Meanwhile, Sephora was the first major retailer to align with the Pledge, prioritizing inclusivity for their Black customers.

LaToya Williams-Belfort, executive director at the Fifteen Percent Pledge, highlighted the grant’s impact.

“Not only will the Sephora Beauty Grant provide an innovative small business with critical capital, but it will also drive a direct integration within Sephora’s ecosystem, furthering our goal of creating equitable and sustainable business partnerships for Black entrepreneurs.”

The application deadline is Dec. 18.