The multinational investment bank and financial services company Goldman Sachs has announced that it will invest more than $2 billion into Black women-owned businesses and nonprofits through its One Million Black Women program.
“Goldman Sachs is sending a powerful signal into the marketplace around Black women and saying there has been a misalignment of capital, in terms of capital dedicated to this group. We’re seeking to change that by putting our capital where our mouth is,” Asahi Pompey, global head of corporate engagement and president of the Goldman Sachs Foundation, told CNBC.
One Million Black Women is an initiative launched with the goal of impacting at least 1 million Black women by 2030. The global financial institution said that it would commit $10 billion in investment capital and $100 million in philanthropic capital with emphasis on providing tools and resources to provide capital, affordable housing, health care, education, job creation, workforce advancement, digital connectivity and financial health.
“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.”
On Monday, members of One Million Black Women’s advisory council, which includes former senior advisor to President Barack Obama and Obama Foundation CEO Valerie Jarrett; Walgreens Boots Alliance CEO Roz Brewer; former Secretary of State Condoleezza Rice; actress and producer Issa Rae and National Urban League President Marc Morial, met to announce the milestone would deploy $23 million in philanthropic capital to assist approximately 215,000 Black women.
“When Black women succeed, America succeeds,” Jarrett told CNBC. “You bet on Black women, that is a good bet. Goldman Sachs recognizes that and that Black Women have a track record of delivering.”
She continued: “It’s a holistic approach,” she said. “What we are able to do uniquely is first to listen, meet people where they are, figure out what those needs are and then provide the resources and the expertise to help women thrive.”
