Beyoncé has made a significant announcement, declaring a donation of $500,000 to cosmetology schools and salons.
The donation stems from a collaboration between her nonprofit organization, BeyGOOD, and her newly launched haircare brand, Cecred.
This initiative, known as the Cecred x BeyGOOD Fund, aims to support cosmetology education and businesses within the industry. The news surfaced on Tuesday.
The 42-year-old icon, recently shared insights into her iconic pixie cut from 2013, also issued a formal statement elucidating the motivation behind this impactful venture.
In an official statement, she elaborated on the selection of cosmetology schools and independent salons to benefit from the fund, emphasizing the significant influence hairstylists wield in their clients' lives.
She underscored the importance of these professionals in creating spaces where individuals can freely express themselves through their hair.
The allocation of the $500,000 fund entails $250,000 designated for student scholarships at cosmetology schools located in Atlanta, Chicago, Los Angeles, Houston, and Clemonton, New Jersey.
The remaining $250,000 will support independent salon owners in the same cities.
Applicants interested in accessing the fund must submit an application for review.
The distribution process will involve granting five small-business grants five times a year on a rolling basis across the specified cities.
Beyoncé had hinted at the development of Cecred back in May through a post on her Instagram account.
The announcement of her new venture was made earlier this month, with details shared on her Instagram platform.