May 17th 2024.
Goldman Sachs' One Million Black Women initiative recently conducted a survey, revealing the entrepreneurial dreams of Black women all over the United States. The study showed that a majority of Black women see entrepreneurship as a viable path to building wealth. If obstacles are removed, many of them would eagerly pursue business ventures to improve their own lives, as well as those of their families and communities. The survey, titled "One Million Black Women National Survey: Empowering Entrepreneurs," collected responses from 1,200 participants nationwide. It is part of Goldman Sachs' larger goal of investing $10 billion to close opportunity gaps for at least one million Black women by 2030.
The survey results also showed that more than half of Black women who don't currently own businesses have considered starting their own ventures. Interestingly, almost 80% of them said that increased access to business loans, grants, credit lines, or seed funding would encourage them to take the leap into entrepreneurship. In addition, 71% expressed that a simpler process for obtaining business licenses or permits would also motivate them to pursue their business dreams.
According to Asahi Pompey, Goldman Sachs' Global Head of Corporate Engagement, Black women are starting businesses at a faster rate than any other demographic in the country. However, they need support and resources to grow and succeed. The OMBW initiative, along with policy solutions, aims to invest in the economic power of Black women entrepreneurs. Ayesha Curry, CEO of Sweet July and a member of the OMBW Advisory Council, is dedicated to this cause and believes that when Black women are economically empowered, it has a positive impact on their communities.
The survey also revealed that many Black women feel the federal government could do more to advance entrepreneurship opportunities. Only 35% of Black women business owners feel that their interests are adequately represented in Washington. Additionally, a surprising 32% of Black women who plan to vote in the 2024 presidential election are still undecided or uncertain about their candidate of choice. As Regina Davis Moss, President and CEO of In Our Voice, stated earlier this month, the Black women's vote is crucial in achieving equity and justice for future generations. This statement came after new polling data showed the influential voting power of Asian American and Pacific Islander, Black, and Latina/x women and concerns that policymakers and politicians are not prioritizing issues that directly affect their daily lives.
In other news, Black businesswomen have the opportunity to apply for grants worth $100,000 from Block Advisors by H&R Block. This initiative aims to support and empower Black women entrepreneurs, who continue to face obstacles and challenges in the business world. With initiatives like this and the One Million Black Women initiative, there is hope for a more inclusive and supportive environment for Black women in the business world.
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