The financial obstacles facing many Black entrepreneurs in the beauty industry during this difficult time is proof that more support is needed.
Popular Black-owned beauty brand Juvia’s Place is helping to combat financial burdens by offering $50,000 grants to six Black-owned businesses for a $300,000 support initiative, according to a press release.
“The black lives and black business initiative should never be silenced,” the brand said in the caption. “It’s not a trend. It’s an ongoing battle.”
According to SCORE, 44 percent of Black small business owners use cash to fund their business versus 37 percent of the average small business owners, and most seek their funding from either friends and family, lines of credit, unsecured loans, SBA Loans, equipment testing, or Rollovers for Business Start-ups (ROBS).
“As a Black-owned business, I understand first-hand the financial obstacles Black entrepreneurs face,” said Juvia’s Place Founder, Chichi Eburu, in a press statement. “I started Juvia’s Place with just $2,000 and a dream. I, like so many others, didn’t have access to lending, or a trust fund. My business was built with minimal financial resources, but I had a supportive community to lean on.”
She added: “That community support was essential to my business growth. I found mentors and customers that believed in my product, and helped to make my dream a reality. I appreciate the support, and want to make sure I can provide an opportunity to other Black entrepreneurs who are looking to grow their businesses.”
Juvia’s Place hopes these grants will eradicate financial hardships for Black entrepreneurs and empower them as business-owners moving forward to create more support for all Black beauty bosses.
To apply for the grant, click here.