First Round Recipients
The business announced 12 startup companies, nonprofit organizations, venture capital funds, and others to receive capital investments or grants as part of the One Million Black Women Initiative created by the company.
The awarded organizations service Black women in a variety of ways, such as affordable housing, providing resources to combat maternal mortality, greater WiFi access in low-income neighborhoods, financial services, venture capital firms that support other Black female-owned businesses, and much more. All recipient organizations are either led by Black women or feature their own racial equity initiatives that support the economic advancement of Black women.
The One Million Black Women Initiative created by Goldman Sachs is a more than $10 billion commitment to address the gender and racial inequalities Black women have faced in business and everyday life. In this initiative, the company has partnered with various Black women-led organizations and community leaders to form an Advisory Council to determine which groups will receive a portion of the funding. This more than $10 billion promise by Goldman Sachs is intended to positively impact at least one million Black women by 2030.
Valerie Jarrett, a One Million Black Women Advisory Council member, said in a statement, “The more we tell the stories, the more we measure the results so that others can learn from it, and to hold up those best practices for everyone to see, I think the possibilities for One Million Black Women are infinite.” Jarrett served as the Senior Advisor to former President Obama from 2009 to 2017.
Other notable names also on the Goldman Sachs One Million Black Women Advisory Council include former Secretary of State Condoleeza Rice and entrepreneur Ayesha Curry, among many others.
The financial business did not disclose how much in funding each recipient will receive, nor did it disclose when future recipient announcements will be made. The company added that funding impacts would be monitored and judged by The Ruth J. Simmons Center for Race and Justice at Prairie View A&M University.
Racial and Economic Diversity Commitments
Due to the political and social events over the last decade, Goldman Sachs and many other businesses and venture capital funds have made significant investments in furthering the economic advancement of minority groups.
Startup Savant reported recently that fintech company, Synchrony, is investing $15 million in early-stage venture capital funds led by Black, Latino, and female founders. Additionally, retail business giant Target recently announced that they are allocating $2 billion for Black-owned companies until 2025.
Furthermore, the cleaning products business Pine-Sol announced a footwear collaboration where all proceeds from shoe sales will go to Digitalundivided, a nonprofit organization dedicated to the economic advancement of women of color.
According to the United States (US) Census Bureau, roughly 124,500 businesses in the US are owned by Black or African American individuals. The Bureau approximates that Asian and Hispanic-owned companies account for about 577,800 and 331,600 businesses in the US, respectively.
About the Author
McKenzie Carpenter is a graduate of Central Michigan University with a B.A.A. in Integrative Public Relations and French. McKenzie has previously worked for small businesses and nonprofit organizations.