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Goldman Sachs' One Million Black Women initiative reveals 17 new investments

Yahoo Finance US 1/12/2022 Brian Sozzi

Goldman Sachs is beginning the New Year with a fresh round of investments as part of its One Million Black Women initiative.

The investment bank revealed Wednesday a suite of 17 new investments, partnerships and grants. In particular, six organizations and projects will receive capital from Goldman: Chime Solutions; Funding U; Wonderschool; On the Road; Sendero Verde; and South Meadows.

The organizations range from those making loans to underserved communities (Chime Solutions) to building multi-family housing units in Georgia (South Meadows).

“This next round of funding strategically connects the dots across several One Million Black Women impact areas and not only supports the infrastructure that Black women and their families need to thrive but has the potential to uplift communities and address generations of racial and gender inequities. We are focused on deploying Goldman Sachs resources in the most effective and impactful ways and these organizations have a demonstrated track record of supporting their communities. We are thrilled to support the tremendous work these organizations are already doing," said Margaret Anadu, Goldman Sachs Asset Management global head of sustainability and impact.

Margaret Anadu, Goldman Sachs Asset Management global head of sustainability and impact. attends the ribbon-cutting ceremony at Kings Theatre on January 23, 2015 in New York City. (Photo by Desiree Navarro/WireImage)

© Provided by Yahoo! Finance Margaret Anadu, Goldman Sachs Asset Management global head of sustainability and impact. attends the ribbon-cutting ceremony at Kings Theatre on January 23, 2015 in New York City. (Photo by Desiree Navarro/WireImage)

Launched in early 2021, Goldman's One Million Black Women initiative reflects its intention to spend more than $10 billion over the next decade to advance racial equity and economic opportunity in Black women. The initiative is named for the bank's goal of impacting the lives at least 1 million Black women by 2030.

“The systemic gender and racial biases Black women have faced won’t be reversed overnight, but with continued investment, coordination and focus, we have good reasons to be optimistic," added Asahi Pompey, global head of the office of corporate engagement and president of the Goldman Sachs Foundation.

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Research from Goldman underscores the high priority need for investments in this space.

Single Black women are six times less likely to own stocks than single white men. Further, single Black women are nearly 50% less likely to own a home. Goldman's research shows that a mere 0.5% of single Black women have their own business, a rate that is 24 times lower than single white men.

Black women in the United States are paid 35% less than white men and 15% less than white women.

The bank says closing that earnings gap would add 1.2 million jobs to the economy and add an estimated $300 billion to U.S. GDP per year.

Yahoo Finance's Brian Cheung contributed to this story.

Brian Sozzi is an editor-at-large and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.