Business Wire

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

abril 3, 2023
Press Room Team
  • In just two years since launching, 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.
  • The initiative, which is guided by an advisory council of Black leaders from across the country in partnership with Black women-led organizations, has laid the groundwork to positively impact over 215,000 Black Women across the core investment pillars of healthcare, job creation and workforce development, education, affordable housing, digital connectivity, financial health and access to capital.

NEW YORK–(BUSINESS WIRE)–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:

  • 1863 Ventures (Washington, D.C.)
  • Affordable and Workforce Housing Fund (New York, NY)
  • Birth Center Equity (Boston, MA)
  • Bitwise Industries (Fresno, CA)
  • black girls breathing (Atlanta, GA)
  • Black Women’s Roundtable (Washington, D.C.)
  • BlackFem (Washington, D.C.)
  • Braven (Chicago, IL)
  • Buy From a Black Woman (Atlanta, GA)
  • Camille Rose (Atlanta, GA)
  • CareAcademy (Boston, MA)
  • Cohort Sistas, Inc (South Bend, IN)
  • Collab Capital (Atlanta, GA)
  • Echoing Green (New York, NY)
  • Finance Savvy CEO Foundation (Atlanta, GA)
  • Funding U (Atlanta, GA)
  • Grameen America (New York, NY)
  • Grantmakers For Girls of Color (New York, NY)
  • Impact America Fund (Oakland, CA)
  • Jeremiah Program (Minneapolis, MN)
  • Lendistry PPP (Brea, CA)
  • Loop Capital Money Market Share Classes (Chicago, IL)
  • Low Income Investment Fund Brighter Futures Fund (San Francisco, CA)
  • Mahmee (Los Angeles, CA)
  • Mayvenn (Oakland, CA)
  • Narrative Nation Inc. (New York, NY)
  • New Leaders (New York, NY)
  • NowAccount Loan Facility (Atlanta, GA)
  • Okionu Birth Foundation (Englewood, CO)
  • Paradigm for Parity® (New York, NY)
  • REACH Beyond Solutions (Laurel, MD)
  • Sistahs in Business Foundation (Newark, NJ)
  • SMASH/Career Catalyst (Oakland, CA)
  • Sweeten (Baltimore, MD)
  • The King Center (Atlanta, GA)
  • TOUCH, The Black Breast Cancer Alliance (Annapolis, MD)
  • Walter I.M. Hodge (St. Croix, U.S. Virgin Islands)
  • Women of Color Grants Program with the Tory Burch Foundation, Fearless Fund and The Cru (New York, NY)
  • Wonderschool (San Francisco, CA)

Northeast Organizations, Companies and Projects:

  • 326 Rockaway (New York, NY)
  • Alafia (Brooklyn, NY)
  • Archer Towers (Jamaica, NY)
  • Baltimore Community Lending (Baltimore, MD)
  • Beach Dunes III (New York, NY)
  • Black Girl Health Foundation (Harrisburg, PA)
  • Black Women Build – Baltimore, Inc. (Baltimore, MD)
  • BlocPower Civilian Climate Corps (New York, NY)
  • BlocPower WiFi (New York, NY)
  • Brooklyn Affordable Housing Development (Brooklyn, NY)
  • Brooklyn Public Library Business & Career Center (Brooklyn, NY)
  • Cityblock Health (New York, NY)
  • Community Impact Investments (Bethesda, MD)
  • Community Reinvestment Fund (New York, NY)
  • Custom Collaborative (New York, NY)
  • Drive Change, Inc. (New York, NY)
  • East Harlem Tutorial Program (New York, NY)
  • Enterprise Community Loan Fund (New York, NY)
  • Garwyn Oaks Northwest Housing Resource Center (Baltimore, MD)
  • Hampton Point (Silver Springs, MD)
  • HeartSmiles (Baltimore, MD)
  • Innovative Urban Living Predevelopment (Brooklyn, NY)
  • Inspiring Minds Greater Philadelphia (Philadelphia, PA)
  • Kingsboro Predevelopment (Brooklyn, NY)
  • Mama Glow Foundation (New York, NY)
  • Misty Copeland Foundation (Bronx, NY)
  • MOMCares (Baltimore, MD)
  • NYC COVID-19 Loan Facility (New York, NY)
  • NYC Small Business Opportunity Fund (New York, NY)
  • Parity (Baltimore, MD)
  • Park Lane (Bronx, NY)
  • PIVOT, Inc. (Baltimore, MD)
  • Seeds of Fortune Inc. (New York, NY)
  • Sendero Verde (New York, NY)
  • Silicon Harlem (New York, NY)
  • The Benjamin at Landover Hills (Landover, MD)
  • The Fund for the School District of Philadelphia (Philadelphia, PA)
  • Upton Planning Committee, Inc. (Baltimore, MD)
  • YesSheCanCampaign (Edgewater Park, NJ)

Southeast Organizations, Companies and Projects:

  • Appalachian Community Capital Development Foundation (Christiansburg, VA)
  • Association for Enterprise Opportunity (Washington, D.C.)
  • Bethesda Center for the Homeless (Winston-Salem, NC)
  • Black Business Investment Fund of Florida (Orlando, FL)
  • Black Education for New Orleans (New Orleans, LA)
  • Black Girls Smile Inc. (Atlanta, GA)
  • Center for Maternal Health Equity at Morehouse School of Medicine (Atlanta, GA)
  • Chime Solutions (Morrow, GA)
  • Cool Girls, Inc (Atlanta, GA)
  • Corner to Corner (Nashville, TN)
  • Crittenton Services of Greater Washington (Washington, D.C.)
  • H.O.P.E, Inc. (Helping Other People be Empowered) (Duluth, GA)
  • Habitat For Humanity DeKalb (Tucker, GA)
  • Hannibal Square Community Land Trust, Inc. (Winter Park, FL)
  • Hope Deep South Economic Mobility Collaborative (Jackson, MS)
  • Hope for Youth, Inc (HYPE) (Atlanta, GA)
  • Increasing H.O.P.E Financial Training Center (North Charleston, SC)
  • LEAD Girls of NC (Winston-Salem, NC)
  • Partners in Equity (Atlanta, GA)
  • Pay Your Tuition Foundation (Washington, D.C.)
  • SistasCaring4Sistas (Asheville, NC)
  • Skyline Apartments (Atlanta, GA)
  • South Meadows through the National Affordable Housing Trust Black Developers Initiative Affordable Housing Fund (Rome, GA)
  • Spelman College Math Corps Program (Atlanta, GA)
  • Springboard to Opportunities: Magnolia’s Mother Trust (Jackson, MS)
  • The BRidge Agency, INC (Baton Rouge, LA)
  • The Prosp(a)rity Project (Washington, D.C.)
  • The Sadie Collective (Washington, D.C.)
  • TOPPS- Targeting Our People’s Priorities with Service (Pine Bluffs, AR)
  • Urban Institute (Washington, D.C.)
  • We2gether Creating Change (Drew, MS)

Midwest Organizations, Companies and Projects:

  • Aurora St. Anthony Neighborhood Development Corporation (St. Paul, MN)
  • Butterfly Dreamz, Inc. (Chicago, IL)
  • Center for Racial Justice at The University of Michigan Ford School of Public Policy (Ann Arbor, MI)
  • Chicago South Side Birth Center (Chicago, IL)
  • Columbus Urban League (Columbus, OH)
  • Cornerstone Corporation (St. Louis, MO)
  • Develop Detroit (Detroit, MI)
  • Fifth Star Funds (Chicago, IL)
  • ICE Mentors (Eryn PiNK Girl Empowerment) (Columbus, OH)
  • IFF (Chicago, IL)
  • Pi515 (Des Moines, IA)
  • Polished Pebbles Girls Mentoring Program (Chicago, IL)
  • The Aux (fiscal agent: The Growing Season) (Evanston, IL)
  • The Women’s Fund of Central Ohio (Columbus, OH)
  • Village of Healing (Euclid, OH)

Southwest Organizations, Projects and Companies:

  • Black Mamas ATX (Austin, TX)
  • Build in Tulsa (Tulsa, OK)
  • On The Road (Irving, TX)
  • RADical Hope at Prairie View A&M University (Prairie View, TX)
  • South Dallas Fair Park Innercity Community Development Corporation (Dallas, TX)
  • The Ruth J. Simmons Center for Race and Justice at Prairie View A&M University (Prairie View, TX)

West Organizations, Companies and Projects:

  • 400 China Basin (San Francisco, CA)
  • Eat. Learn. Play. Foundation (Oakland, CA)
  • Educating Young Minds (Los Angeles, CA)
  • Made in Her Image (Mesa, AZ)
  • Residences at Woodlake (Los Angeles, CA)
  • Soul 2 Soul Sisters (S2SS) (Denver, CO)
  • Therapeutic Play Foundation (Pasadena, CA)

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.

Contacts

Abbey Collins, abbey.collins@gs.com