November 27th 2023.
Goldman Sachs is taking action to empower Black women sole proprietors to seize the keys to a powerful and wealthy future. With the One Million Black Women Cohort, the global financial services company is investing $10 billion in direct investment capital and an additional $100 million in philanthropic support to bridge the racial wealth gap and address the dual gender and racial biases that Black women have faced.
The program is “grounded in the stories, voices and experiences of Black women” and provides business owners with a 10-week online business education program, in-person learning at Goldman Sachs, strategic advising, a $2,000 stipend, and access to a resourceful network.
Dr. Artika Tyner, founder of Planting People Growing Justice, says that “Black women are facing a multitude of roadblocks, barriers, and impasses as they start, grow, and scale their businesses.” According to Goldman Sachs’ research in “Black Womenomics,” only 0.5% of single Black women own their own business. This rate is 24 times lower than single white men.
Take a look at four Minnesota-based Black women-owned businesses that are part of the 2023 One Million Black Women Cohort. Kobi Co. is a candle company founded in 2020 by 17-year-old Kobi Gregory and her mother. Nosh Posh reimagines healthy convenience with an innovative product line of snack boxes sourced exclusively from BIPOC and women vendors. Planting People Growing Justice is an organization that dismantles the pipeline to prison by promoting literacy and diversity in books. Lastly, Revering Law Office is an attorney-led team that strives to achieve justice and equality, advocating for fair policies and representing juvenile defendants on a pro bono basis.
Applications for One Million Black Women are currently closed, but stay updated on the details for next year. With this initiative, Goldman Sachs is providing Black women with the opportunity to make the most of their businesses and unlock their potential.
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