02.22.24
Beyoncé just announced her BeyGOOD x Cécred Fund to support hair stylists, Selena Gomez has Rare Beauty's Rare Impact Fund to champion mental health initiatives—and The Lip Bar aims to help BIPOC small business owners succeed.
The Lip Bar (TLB) has announced its new grant program, 'Bawse Ventures'—with a name inspired by its best-selling Michelle Obama-approved red matte liquid lipstick, Bawse Lady.
Three BIPOC-owned small businesses will win a $25k grant and a quarterly mentorship for one year with The Lip Bar's founder and CEO, Melissa Butler. (BIPOC refers to Black, Indigenous, and People Of Color.)
The micro-fund initiative aims to support the next generation of BIPOC and women entrepreneurs. The program seeks to provide grant and seed funding to small businesses, addressing the critical need for financial support in the early stages of entrepreneurial journeys.
The finalists will be notified in June— and the winners will be announced in September.
Melissa Butler Wants to 'Pay It Forward'
Butler was inspired to create "Bawse Ventures" after witnessing the disparities in early-stage funding—particularly for business owners of color who may lack access to family or friends for financial support. Since launching The Lip Bar in 2012, Butler has gained firsthand insight into the challenges entrepreneurs face. Motivated by her own journey, she is now driven to inspire and invest in the next generation of entrepreneurs.“TLB was built as a community-based business,” says Butler. “Our customers’ support and belief in us allowed us to make history, and now it’s time for us to give that same love, care, and contribution back,” she says.
This initiative honors a commitment to paying it forward and creating opportunities for those who, like Butler, may not have had the same financial support to turn their dreams into reality. The combination of mentorship and funding is essential for the growth and expansion of BIPOC businesses, as shown in Butler’s helpful network of mentors and friends.
Bawse Ventures aims to break down barriers and provide crucial resources to empower budding entrepreneurs to build their own success stories.
Why BIPOC Businesses Need Support
BIPOC businesses hold the highest percentage of being underfunded and neglected in receiving financial backing and access to DEI programs to help get to the next level. Bawse Ventures will honor Butler's commitment to paying it forward, while creating and opportunities for those who may not have the financial support to turn their dreams into reality."Many people are able to raise funds with friends and family rounds to get their businesses off the ground. But in the black and brown community, we don’t have friends and family with excess dollars to give. So, I want to be the friend that allows that next generation of entrepreneurs to follow their dreams fearlessly," Butler adds.
Application Criteria for TLB's 'Bawse Ventures' Grant
Applicants can be in the beauty business—or sell any CPG products or services, in any other category, including food, personal care, fashion, and accessories.Who can apply? Here are the requirements:
- Business sells a product or it offers a service
- Must have annual revenue of at least $50k or more
- BIPOC people must own at least 50% or more equity in the company
What else will you be asked on the application?
Applicants are encouraged to clearly explain their business' purpose—the inspiration and "reason for being."Mention how your product or service improves the quality of life for your customers and demonstrate a proven interest in them. And—state your goals and plans for taking your business to the next level.
So get your application in for TLB's Bawse Ventures Grant by April 12th—or share this news with someone who meets the criteria.
