Goldman Sachs is investing in Black women-owned businesses with a program that will take their business to the next level.
CNBC reports the global investment bank invested $2.1 billion into businesses and nonprofits with the firm’s One Million Black Women initiative. Started in 2021, One Million Black Women was created to positively impact 1 million Black women by 2030.
Goldman Sachs has committed $10 billion in investment capital and $100 million in philanthropic capital, focusing on access to capital, affordable housing, healthcare, education, job creation, workforce advancement, digital connectivity, and financial health.Global Head of Corporate Engagement and President of the Goldman Sachs Foundation Asahi Pompey, said this is the first step to a much bigger plan. “Turbo
boosting Black women entrepreneurs is a key part of the work that we do,” Pompey said. “We know they create jobs. When a Black woman entrepreneur is able to grow her business, she employs Black people in the community; she’s a leader in that community, she mentors individuals in that community.”“The ripple effect of investing in a Black woman entrepreneur is tremendous.”
The One Million Black Women’s advisory council already has some heavy hitters sitting at the table. Earlier this week, members such as Obama Foundation CEO Valerie Jarrett, former Secretary of State Condoleezza Rice, and actress and producer Issa Rae met to announce how this initiative would provide $23 million in philanthropic capital to assist close to 215,000 Black women.
“When Black women succeed, America succeeds,” Jarrett said, according to Shine My Crown. “You bet on Black women, that is a good bet. Goldman Sachs recognizes that and that Black Women have a track record of delivering.”
Research by economists shows the best way to close the gap in racial wealth is by investing in Black women.