by Nahlah Abdur-Rahman
June 19, 2024
Goldman intends to expand its One Million Black Women initiative as anti-DEI legislation grows.
Despite anti-DEI efforts spreading throughout Wall Street, Goldman Sachs remains firm in the expansion of its One Million Black Women initiative.
The nonprofit arm of Goldman launched in 2021 as a response to the Black Lives Matter protests sparked a year prior. The Guardian reported that Goldman will invest $10 billion through the decade to champion Black women-focused efforts in addition to “$100 [million] in philanthropic spending to address racial and gender inequality over the course of 10 years.”
One of its endeavors, the Black in Business no-cost education program, is doubling the number of participants. The program focuses on small-scale business owners with no employees as they grow in their entrepreneurial journeys. At the end of the program, over 60% of participants noted an increase in their businesses’ revenue.
Since its establishment, the company has allocated over $2.3 billion toward investments through the initiative. According to the global head of corporate engagement, Asahi Pompey, the work has just begun.
“And we are very focused on achieving the objectives of our program,” she said. “Of course, we do that in operation and in compliance with laws, but our commitment to One Million Black Women is strong.”
Goldman emphasized the additional benefits of supporting Black women and their career ambitions. Pompey noted the demographic’s impact in bettering the economy as well.
“Reducing the earnings gap for Black women has the potential to create 1.2 to 1.7 million jobs in the U.S. and increase annual U.S. GDP by $300 billion to $400 billion,” she explained. “It says when Black women rise, America rises, because she’s creating jobs, she’s increasing revenue, she’s making her community better.”
While Goldman intends to keep its commitment, other corporations are shying away from diversity initiatives. Legal troubles surrounding the explicit upliftment of Black women entrepreneurs through the Fearless Fund have fueled hesitation toward DEI efforts. As court filings threaten the rollout of the grant program, Goldman’s mission remains as crucial as ever.
