Goldman Sachs is making significant strides in empowering Black women entrepreneurs through its Black in Business program. Launched as part of the broader One Million Black Women initiative, this program aims to address the wealth gap and foster economic growth for Black women across the U.S.
A Vision for Economic Growth
In 2021, Goldman Sachs set an ambitious goal: to improve the lives of 1 million Black women by 2030. This goal is supported by a commitment of $10 billion in investment capital and $100 million in philanthropic funding. The One Million Black Women initiative focuses on six key areas: access to capital, affordable housing, workforce advancement, health care, education, and digital connectivity.
Jessica Taylor, National Director of One Million Black Women, emphasizes the program’s impact, stating, “It’s about economic growth. In order to fully grow the economy, you have to invest in Black women.” According to Taylor, the $10 billion investment could drive U.S. GDP by $450 billion and create 1.7 million jobs.
Black in Business: A Catalyst for Change
One of the most impactful components of this initiative is the Black in Business program. Launched in 2022, the 10-week education program is designed to help Black women entrepreneurs grow their businesses and create jobs. The program offers comprehensive training on financials, marketing, operations, and customer identification.
Participants benefit from weekly sessions with NYU Stern School of Business faculty and work in small groups with business advisors. This approach helps entrepreneurs apply course concepts to their businesses and develop actionable growth plans. Goldman Sachs’ research shows that entrepreneurship is a powerful tool for wealth creation among Black women.
Success Stories and Impact
Since its inception, Black in Business has served over 750 businesses across 41 states and Washington, D.C. Recent data reveals that 65% of program alumni reported increased revenues, compared to 36% of all non-employer firms. Additionally, nearly 50% of alumni created new jobs in the past year, a stark contrast to the 7% of non-employer firms that reported new employment.
Hyacinth Tucker, CEO of The Laundry Basket L.L.C., a June 2024 graduate, shares her experience: “Black in Business had a profound impact on my personal development. It enhanced my leadership skills, boosted my confidence, and expanded my vision.” Tucker also notes that the program helped her business grow sustainably and reinvest in her community.
Expansion and Future Goals
The success of Black in Business has prompted Goldman Sachs to double its reach, increasing the number of annual graduates from 300 to 600. In the first three years of the One Million Black Women initiative, Goldman Sachs has deployed nearly $3 billion in investment capital and nearly $40 million in philanthropic support, impacting more than 300,000 Black women.
Taylor highlights the importance of this investment: “Part of Goldman Sachs’ core competency is recognizing good investments. This is aligned with that. We’re saying that Black women are good investments. They are part of what drives the economy forward.”
