Goldman Sachs’ initiative will commit more than $10 billion to advance racial equity and the economic opportunity of Black women. The multinational investment bank and financial services company has partnered with Black women-led organizations and conducted listening sessions that engaged more than 10,000 Black women to determine what projects would receive funding in the first round.
Goldman Sachs’ advisory council, which consists of 17 Black business leaders and community organizations met Monday to provide guidance on the scope of the investments and grants.
The first round of investment capital and philanthropic grants will go to the following organizations:
Archer Towers (New York, NY) will fund the construction of a mixed-income residential development in Jamaica, Queens, which will consist of 181 affordable units, 424 market-rate units, and 224 parking spaces. Housing is intrinsically connected to better health outcomes, economic mobility, and employment prospects for Black women and this investment will provide stable, quality, affordable housing.
Birth Center Equity will support Black women-led community birth centers to access new resources to ensure their collective vitality, sustainability, and growth.
BlocPower WiFi (New York, NY) will expand broadband services across the Bronx and Upper Manhattan with a focus on low-income neighborhoods. The lack of affordable broadband access leads to barriers to education, employment opportunities, banking services, healthcare, social networks, and other services for Black women.
Buy From A Black Woman (Atlanta, Georgia) will continue website development, social media education, content, technical assistance, and grant funding to Black women-owned businesses.
Center for Maternal Health Equity at Morehouse School of Medicine (Atlanta, Georgia) directly addresses the disproportionate pregnancy-related mortality rate that Black women face in comparison to white women. 60% of maternal deaths are preventable and through this investment we seek to reverse this troubling statistic.
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SOURCE: Entrepreneur; Black Enterprise, Derek Major