Goldman plans $10 billion initiative to support Black women

Goldman Sachs Group Inc. said it will commit $10 billion in investment capital over the coming decade to help address the disproportionate biases that Black women have faced for generations.

The bank also will put $100 million toward philanthropy under the program, which has a goal of impacting the lives of 1 million Black women by 2030, according to a statement Wednesday.

As part of the initiative, New York-based Goldman is working with nonprofit organization Hope Enterprise Corp., mayors and historically Black colleges and universities across the U.S. South to distribute and lend capital.

“No investment could have a bigger impact than unlocking the economic potential of Black women,” Goldman Chief Executive David Solomon said in the statement. “In the face of significant disparities, they’ve shown admirable resilience, especially as they’re starting businesses faster than anyone else in the U.S.”

[More: JPMorgan creates investment product for Black-owned banks]

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