Goldman Sachs Expands Its Program For Black Women Entrepreneurs

Goldman Sachs is standing firm in its commitment to support Black women through its One Million Black Women initiative as it expands its Black in Business program, according to The Guardian.

Launched in 2021, the One Million Black Women initiative pledges $10 billion in investments and $100 million in philanthropic funding over a decade to address racial and gender inequality.

Doubling Down On Black In Business Program

This fall, Goldman Sachs is expanding its Black in Business education program, doubling the number of entrepreneuers it accepts.

The Black in Business program, which targets early-stage Black women entrepreneurs, provides free business education to those running their businesses for at least a year. 

So far, 750 entrepreneurs have benefited from this initiative, and by the end of the year, an additional 300 entrepreneurs will join the program.

The expansion comes as Wall Street is increasingly distancing itself from DEI efforts and facing political and legal challenges. 

Notably, a recent Georgia-based federal appeals court ruling found a Fearless Fund diversity grant program for Black women business owners discriminatory.

Commitment Amid Political Backlash

Despite these challenges, Goldman Sachs remains undeterred. 

“We are very focused on achieving the objectives of our program,” Asahi Pompey, the global head of corporate engagement and president of the Goldman Sachs Foundation, told The Guardian. 

“We’re creating a powerful community of individuals who are job creators, revenue generators, who are now more connected with each other. They come from 40 states, they’re across sectors. So I’m proud of that community that we’re building as well.”

She also underscored the economic benefits of supporting Black women. She noted that closing the earnings gap could create 1.2 to 1.7 million jobs and boost the US GDP by $300 billion to $400 billion annually.

Goldman Sachs has already made significant strides, investing over $2.3 billion and donating $33 million since the initiative’s inception. 

Building a Powerful Community

The Black in Business program provides education and creates a network of entrepreneurs. 

Participants are flown to Goldman Sachs headquarters to connect with peers and company leaders, building a community of job creators and revenue generators. 

While the program does not offer direct financial investments, it connects participants with potential investors.

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