Beyoncé is supporting cosmetology students and beauty salons with a new scholarship and grant fund.

The “Formation” singer’s BeyGOOD foundation is partnering with her new Cécred haircare brand to support aspiring stylists and small businesses in the beauty industry.

“Hairstylists have an immense impact on the people in their chairs. They create a sacred space where we can show up how we want and express ourselves through our hair,” read a statement on the foundation’s website on Tuesday, February 20. “We’re honored to give back to this amazing community.”

The funding announcement followed Beyoncé, 42, launching her new Cécred haircare company the same day.

The BeyGOOD x Cécred Fund will award $500,000 annually to support cosmetology school scholarships and salon business grants in Atlanta, Chicago, Houston, Los Angeles and Clementon, New Jersey.

​​The statement added that the fund “celebrates the influence professional stylists have on hair health and the critical importance of advocating for the salon community.”

$250,000 in scholarships will be provided to students attending the Beaver Beauty Academy in Atlanta, Trenz Beauty Academy in Chicago, Universal College of Beauty in Los Angeles, Franklin Institute in Houston and Janas Cosmetology Academy in Clementon, New Jersey.

To qualify, the student must demonstrate financial hardship and either be already enrolled or accepted into one of the cosmetology schools. Applications for the scholarship opened Tuesday on the BeyGOOD foundation website and will close on March 20, with the recipients to be announced on April 20.

The remaining $250,000 will be awarded annually to qualifying salon business owners in the same cities.

Applicants must be licensed barbers, hairstylists or cosmetologists. In addition, they must show proof of salon ownership or a lease agreement, have been in business for at least a year and demonstrate financial need.

Five small-business grants will be awarded in each of the five cities five times per year. Like the cosmetology school fund, applications opened Tuesday and will close on March 20, with the first round of recipients to be announced on April 20. The following rounds this year will open May 1, July 1, September 1 and November 1.

Tuesday also marked the official launch of Beyonce’s hair care line with eight products for hair textures from straight to coily.

“The journey of creating Cécred has taken years, and I’m so proud to finally reveal what we’ve been working on. As a Black founder, it was important to me to concentrate on where I saw the greatest need for healthy haircare and to place scientific innovation and product performance above all else,” Beyonce said in a press release.

“We started by prioritizing the needs of textured hair like mine, along with other types and textures that need more moisture and strength. My entire life and career, I’ve worn my hair in so many different ways: natural, flat-ironed, braids, colored, weaves, wigs. I want everyone to have the freedom to express their hair in ways that make them feel good, so I began by creating the essentials for hair and scalp health,” she continued.

Beyonce also explained her goal for Cécred.

“My vision is to be an inclusive force of excellence in the haircare industry while celebrating hair rituals across global cultures and helping dispel hair myths and misconceptions on all sides.”

In addition to launching Cécred, Beyoncé will release a new country album titled Renaissance Act II on March 29. Along with the album announcement during the Super Bowl, she released two tracks: “Texas Hold ’Em” and “16 Carriages.”