The Black Women Impact awards program, a component of The Goldman Sachs Group, Inc.'s One Million Black Women initiative to assist Black women-led and Black women-serving charities, has announced 50 beneficiaries.
The 50 organizations were chosen from 800 applicants based on their track records of delivering innovative solutions to close Black women's opportunity gaps. Each recipient will get $50,000 to $250,000 in two-year operating funds. Multi-year program will commit $10 million.
"Investing in Black women is one of the best ways to foster an inclusive economy," said Goldman Sachs CEO David Solomon. We've witnessed how transformative Black women-led nonprofits are for communities, so we'll showcase them and provide their leaders skills to have a bigger impact.
Black women lack access to funding, according to Goldman Sachs' Black Womenomics report.
Nonprofit leaders lack access to unrestricted, multi-year funding, according to 50 listening sessions with 20,000 Black women. Black Women Impact Awards addresses this topic.
Asahi Pompey, president of the Goldman Sachs Foundation, said, "We understand that Black women-led charities need multi-year financing to scale."
We were inspired by the work of these 50 creative leaders and are glad to help them as they continue to build sustainable enterprises.
Dina Powell McCormick, Global Head of Sustainability and Inclusive Growth at Goldman Sachs, says, "For more than a decade, we've focused on deploying resources to address the fundamental causes of income inequality to promote opportunity." The Black Women Influence award recipients have devised solutions to close opportunity gaps and positively impact communities across the nation.
Geographically and purpose-wise, the organizations chosen vary. Cohort Sistas, established in South Bend, Indiana, intends to increase the number of women with doctorates. Build in Tulsa's accelerator will help Black women-led start-ups in Oklahoma. Black Girls Smile Inc., a Georgia-based nonprofit, will use these funds to promote young Black women's mental health.
Melanie Campbell, president and CEO of The National Coalition on Black Civic Participation and chair of the Black Women's Roundtable, says, "Black women have traditionally driven social change to support and advance their communities with minimal financial means." This award program "not only supports these 50 strong Black women leaders, it sends a signal to the greater corporate and philanthropic world that Black women's leadership is long overdue for investment and should have more seats at the tables of power and influence"
All of the picked organizations are led by Black women and have many in top positions. The recipient organizations focus on healthcare, education, affordable housing, workforce development, digital connectivity, financial wellness, and capital access.
About One Million Black Women
Goldman Sachs has pledged $10 billion in direct investment capital and $100 million in philanthropic capital over the next ten years to address the disproportionate gender and racial inequalities Black women have faced for centuries. This is done with Black-women-led groups, banks, and other partners. One Million Black Women aims to help one million Black women by 2030. According to Goldman Sachs' Black Womenomics study, investing in Black women will promote economic growth, creating a more just and prosperous society.
