Goldman Sachs One Million Black Women Deploys More Than $2.1 Billion, Expected to Impact the Lives of Over 215,000 Black Women Across the Country
The Goldman Sachs Group, Inc. (NYSE: GS) today announced that One Million Black Women has deployed more than $2.1 billion in investment capital and over $23 million in philanthropic capital to 137 organizations, companies and projects across the country to drive economic empowerment. In the two years since launch, One Million Black Women - in partnership with Black women-led organizations, financial institutions and diverse partners - has laid the groundwork to positively impact the lives of over 215,000 Black women across the U.S.
Additionally, at the 2023 One Million Black Women Advisory Council meeting held in New York City, Secretary of Commerce Gina Raimondo joined virtually to announce a new joint listening session focused on digital equity to advance the Biden Administration's "Internet for All" initiative and One Million Black Women's focus on digital connectivity. New York City Mayor Eric Adams also attended and discussed the progress of the NYC Small Business Opportunity Fund, the largest public-private loan fund in the city's history, which focuses on access to capital for women and BIPOC-owned businesses.
"The past two years have confirmed a key insight of our research: By investing in businesses that help Black women advance, we can build a stronger economy for everyone," said David Solomon, Chairman and CEO of Goldman Sachs. "Our firm has a long history of supporting economic empowerment, and we're proud that One Million Black Women is already making a difference."
Over the last two years, Goldman Sachs has heard directly from over 20,000 Black women across the country through more than 60 listening sessions. Their voices and insights have been critical in refining Goldman Sachs' investment strategy to meet the unique challenges Black women and girls face across seven key pillars - healthcare, job creation and workforce development, education, affordable housing, digital connectivity, financial health and access to capital.
"I continue to believe that One Million Black Women will be a transformative initiative for driving long-term, systemic change. Within the first two years, we are already seeing the impact of the $2 billion committed," said Valerie Jarrett, One Million Black Women Advisory Council member and CEO of the Obama Foundation. "The women impacted will continue to grow and the ripple effect and impact they will be able to make on their families and communities as a result of these investments will pay dividends for our society."
"One Million Black Women is moving with a sense of urgency and commitment to deliver these opportunities to Black women who have been left behind for far too long," said Marc Morial, One Million Black Women Advisory Council member and President and CEO of the National Urban League. "What makes this initiative even more impactful is that these opportunities are being provided alongside real capital and philanthropic investments, mentorship and technical support. This is a formula that is scalable and sustainable."
"Sweeten started as a small company that was founded on a desk in my bedroom, and today we have expanded our operations to major cities across the country," said Jean Brownhill, Founder & CEO of Sweeten. "As a Black woman in two male-dominated industries, construction and tech, I'm keenly aware of how difficult it can be for entrepreneurs to find support. I'm grateful for the investment from the One Million Black Women initiative as we work to advance a shared goal of increasing economic opportunities for underserved people and communities by bringing equity accountability to real estate developments and infrastructure projects across the country."
"Our partnership with the One Million Black Women initiative started two years ago with listening sessions," said Aisha Taylor Issah, Founder & CEO of Sistahs in Business Expo (SIB Expo). "The purpose of SIB Expo is to celebrate and educate women of color entrepreneurs - a mission which perfectly dovetails with the goals of One Million Black Women. Through the initiative's support, we have been able to expand our organization and reach more women of color, and families, than ever before. One Million Black Women embodies our motto "When my Sistah wins, we all win®?".
To date, the following 137 organizations, companies, and projects have received support from One Million Black Women, contributing to the initiative's goal of reaching one million Back women across the country by 2030:
Organizations, Companies and Projects with National Reach:
Southeast Organizations, Companies and Projects:
Midwest Organizations, Companies and Projects:
Southwest Organizations, Projects and Companies:
West Organizations, Companies and Projects:
Launched in 2021, One Million Black Women was informed by Goldman Sachs' Black Womenomics research showing that creating a more inclusive economy is not just a moral obligation, but an economic imperative. On average, the median net wealth of Black households is 85% less than that of white households. When looking at single Black women, their median net wealth is 92% less than that of single white men. Reducing the earnings gap for Black women would not only empower an entire demographic, but has the potential to raise the U.S. annual GDP by as much as 2.1%-or $525 billion.
You can learn more about the Goldman Sachs One Million Black Women Initiative here, and by reading the latest report, Investing in Black Women: Building a More Inclusive Economy.
About the One Million Black Women Initiative
In partnership with Black-women-led organizations, financial institutions and other partners, Goldman Sachs has committed $10 billion in direct investment capital and $100 million in philanthropic capital over the next decade to address the dual disproportionate gender and racial biases that Black women have faced for generations, which have only been exacerbated by the pandemic. The initiative, One Million Black Women, is named for and guided by the goal of impacting the lives of at least one million Black women by 2030. Goldman Sachs' research Black Womenomics has shown that sustained investments in Black women will catalyze economic growth, making for not only a fairer, but also a richer society.
About Goldman Sachs
Goldman Sachs is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
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