The racial wealth gap in America has exceeded over 11 trillion dollars, according to a recent study conducted by the Social Equity group at Duke University. Black entrepreneurs are taking strides toward building wealth through new business ventures, and companies like SheaMoisture are diligent in ensuring it becomes a reality.
SheaMoisture has committed to reinvesting at least 1% of its net sales income in the Black community annually. The funds will be allocated through their Next Black Millionaire fund, which was launched in 2021. The brand has already awarded $10 million in grants, educational programs, partnerships and donations that provide economic opportunities for underserved and under-represented business owners.
Cara Sabin, CEO of SheaMoisture’s parent company Sundial Brands, shared with Unilever the work they are doing to bridge the gap and what still needs to be done. “The seeds planted then were nurtured over time. And as a Black-led, women-led business, we hope that the seeds we continue to cultivate today will further power generations of Black and brown entrepreneurs, and inspire other businesses to do the same. There is much more work to be done. But we’re excited about how much fruit our current and future investments will bear,” she said.