‘Black Women Are A Good Investment’: Inside Goldman Sachs’ $10 Billion Economic Plan
Summary
The Wall Street giant says it sprinkled nearly $3 billion in capital to expand the Black business community.The opening words inspired the 300-plus people at Goldman Sachs headquarters in New York on June 18. In the crowd were lawyers, accountants and even a NASA statisticianall future entrepreneurs ready to receive their stamp of approval from the financial titan.Our thesis is that Black women are a good investment, Asahi Pompey, president of the Goldman Sachs Foundation, tells Forbes.Pompey discussed Goldman Sachs One Million Black Woman initiative as part of Journey to ForbesBLK Summit, an editorial series leading up to the in Atlanta on June 23-25. There, ForbesBLK plans to amplify entrepreneurs and organizations who take distinctive approaches to leadership, business and economic problem-solving.Goldman Sachs says it has deployed nearly $3 billion in capital for One Million Black Women since its 2021 launch. Its since impacted more than 14,000 businesses in urban and rural communities.Goldman Sachs estimates closing the earnings gap for Black women would add 1.7 million U.S. jobs and $450 billion to the national economy.Pompey works closely with Goldman Sachs urban investment team to direct funds to venture firms, such as Atlanta-based Collab Capital, that put money into Black-owned startups. Goldman Sachs says it plans to spend $100 million in philanthropic funds.Pompey says the initiatives serve as a one-two punch to combat the opportunity gap.