Goldman Sachs is making waves with its innovative Black in Business program. This initiative has already empowered over 750 Black women entrepreneurs across 41 states and Washington, D.C. The program’s success is evident in its impressive statistics and ambitious goals.
Black Women Entrepreneurs Thrive with Goldman Sachs Support
The Black in Business program, launched in 2022, has shown remarkable results. 65% of alumni reported increased revenues, compared to only 36% of all non-employer firms. Furthermore, nearly 50% of alumni created new jobs in the past year.
These figures significantly outpace the national average of 7% for non-employer firms. The program’s success has prompted Goldman Sachs to double its reach, aiming to graduate 600 entrepreneurs annually.
One Million Black Women: A $10 Billion Commitment to Economic Growth
Black in Business is part of Goldman Sachs’ larger One Million Black Women initiative. This ambitious project commits $10 billion in investment capital and $100 million in philanthropic support over ten years.
“It’s about economic growth. In order to fully grow the economy, you have to invest in Black women,” says Jessica Taylor, national director of Goldman Sachs One Million Black Women. The initiative aims to improve the lives of one million Black women by 2030.
Targeting Key Areas for Black Women’s Economic Advancement
One Million Black Women focuses on six crucial pillars: access to capital, affordable housing, workforce advancement, healthcare, education, and digital connectivity. This comprehensive approach addresses the multifaceted challenges Black women face in the economy.
Goldman Sachs’ research highlights the importance of this focus. Black women start businesses faster than any other demographic, with 96% of Black businesses being sole proprietorships. Over half of these are led by Black women.
Closing the Wealth Gap Through Entrepreneurship
The program’s emphasis on entrepreneurship stems from Goldman Sachs’ research and community feedback. The Black Womenomics report revealed a 90% racial wealth gap between median Black and white households.
Two-thirds of this gap is driven by an earnings disparity. By supporting Black women entrepreneurs, Goldman Sachs aims to address this wealth gap directly and foster economic growth.
Real Impact: Black in Business Alumni Share Their Success Stories
Graduates of the Black in Business program report significant personal and professional growth. Hyacinth Tucker, CEO of The Laundry Basket L.L.C., describes the program as “a game-changer” that enhanced her leadership skills and expanded her vision.
Subena Colligan, CEO of EHS Transformation Consultants, credits the program with helping her access capital from a large institution. These success stories highlight the program’s practical impact on Black women entrepreneurs.
Looking Ahead: Goldman Sachs’ Vision for Economic Transformation
Goldman Sachs’ commitment goes beyond individual success stories. The company believes that intentional investment in Black women can drive U.S. GDP by $450 billion and create 1.7 million jobs.
With nearly $3 billion in investment capital already deployed, impacting over 300,000 Black women, Goldman Sachs is well on its way to achieving its ambitious 10-year goal.
This initiative not only supports individual entrepreneurs but also aims to transform the broader economic landscape.
