The Goldman Sachs Group announced that One Million Black Women has deployed over $2.1 billion in investment capital and more than $23 million in philanthropic capital to 137 organizations, companies, and projects across the country to drive economic empowerment. In the 2 years since launching, One Million Black Women – which is in partnership with Black women-led organizations, financial institutions, and diverse partners – set up the groundwork to positively impact the lives of over 215,000 Black women across the U.S.
Plus 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. And New York City Mayor Eric Adams also attended and discussed the progress of the NYC Small Business Opportunity Fund, which is the largest public-private loan fund in the city’s history and focuses on access to capital for women and BIPOC-owned businesses.
Over the last 2 years, Goldman Sachs has heard directly from over 20,000 Black women across the country through more than 60 listening sessions. And their voices and insights have been critical in refining Goldman Sachs’ investment strategy to meet the unique challenges Black women and girls face across 7 key pillars including healthcare, job creation and workforce development, education, affordable housing, digital connectivity, financial health, and access to capital.
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. And 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. Plus reducing the earnings gap for Black women would not only empower an entire demographic but could raise the U.S. annual GDP by as much as 2.1%—or $525 billion.
KEY QUOTES:
“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. Our firm has a long history of supporting economic empowerment, and we’re proud that One Million Black Women is already making a difference.”
- David Solomon, Chairman and CEO of Goldman Sachs
“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. 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.”
- Valerie Jarrett, One Million Black Women Advisory Council member and CEO of the Obama Foundation
“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. 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.”
- Marc Morial, One Million Black Women Advisory Council member and President and CEO of the National Urban League
“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. 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.“
- Jean Brownhill, Founder & CEO of Sweeten
“Our partnership with the One Million Black Women initiative started two years ago with listening sessions. 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”.
- Aisha Taylor Issah, Founder & CEO of Sistahs in Business Expo (SIB Expo)
