Words by Smiley Team
Goldman Sachs has taken a bold and honorable stand to reduce the racial inequalities that Black women have faced for decades – which have been exacerbated by the pandemic.
It has launched One Million Black Women: an initiative committing $10 billion in investment capital and $100 million in philanthropic support to advance racial equity and economic opportunity by investing in Black women.
More than 12,000 women were invited to participate in listening sessions to help Goldman Sachs and Black-women-led organizations determine which projects would receive the first round of financial support. Goldman Sachs has announced a foundational grant, capital investments, and philanthropic grants for the project.
“Our research has shown us that one of the best ways to advance economic growth is to invest in Black women,” said David Solomon, chairman and CEO of Goldman Sachs. “By supporting community leaders with much-needed capital, we believe we can make a real impact.”
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More than a dozen leading organizations and projects in the United States have received funding from One Million Black Women's recently announced investments, partnerships, and grants.
The investment will focus on "key moments in Black women's lives from early childhoopd through retirement," the website states – all with the aim of narrowing opportunity gaps and positively impacting the lives of at least one million Black women.
One Million Black Women's impact areas are: healthcare, education, housing, connectivity, financial well-being, access to capital, and job creation and workforce advancement, and qualifying organizations must have Black women in positions of organizational and/or programmatic leadership. Nonprofits with annual operating budgets of $250,000 to $1 million are eligible to apply for this grant.
“Across the country we’re seeing that the women who are most impacted by systemic inequities are the very ones spearheading movements to create positive change in our communities," said Darren Walker, president of the Ford Foundation and Goldman Sachs’ One Million Black Women Advisory Council member.
"For far too long these leaders have been under-resourced and underfunded. It’s time for that to change. This new program will provide multi-year funding and resources to lift up Black women-led non-profits working for lasting change and help to narrow opportunity gaps for Black women across America."
The application process is open and all eligible applicants are encouraged to submit their application through the One Million Black Women website by March 11, 2022.
Selected eligible applicants will be invited to submit additional information in a callback stage. Award decisions will be made in June, 2022.
GET INVOLVED: Learn more about the One Million Black Women project – their background, research and opportunities.
VOLUNTEER: Support Black Charities connects charities to supporters in the Black community. Find out more.
DONATE: NAACP aims to put an end to race-based discrimination. Donate here.
