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Goldman Sachs announces update on $2.1B investment in Black women-owned businesses

The initiative, which is guided by an advisory council of Black leaders from across the country in partnership with Black women-led organizations, has also distributed $23 million in philanthropic capital to 137 organizations, companies, and projects across the U.S.

Goldman Sachs announces update on $2.1B investment in Black women-owned businesses
Jena Brownhill, founder of Sweeten, a tech company that connects homeowners with reputable contractors. SWEETEN PHOTO 

Goldman Sachs has announced it has invested $2.1 billion in Black women-owned businesses and nonprofits through its investment bank’s One Million Black Women program.

The initiative, which is guided by an advisory council of Black leaders from across the country in partnership with Black women-led organizations to support one million Black women, has also distributed $23 million in philanthropic capital to 137 organizations, companies, and projects across the U.S.

“The past two years have confirmed a key insight of our research: By investing in businesses that help Black women advance, we can build a stronger economy for everyone,” David Solomon, chairman and CEO of Goldman Sachs, said in a statement. “Our firm has a long history of supporting economic empowerment, and we’re proud that One Million Black Women is already making a difference.”

Focusing on healthcare, job creation and workforce development, education, affordable housing, digital connectivity, financial health, and access to capital, the investment bank has hosted more than 60 listening sessions with over 20,000 Black women to gauge their perspective on their needs in business.

One of the businesses that has benefitted from the support of the One Million Black Women program is Sweeten. Founded by architect Jean Brownhill, her tech company connects homeowners with reputable contractors on its platform.

Brownhill took it from a spare bedroom to offices in downtown Manhattan. Sweeten has now performed over 2,000 renovations and has expanded from the Greater New York area to the West Coast, the Midwest, the Southeast, New England, Texas, and Washington, D.C., with more regions on the way, according to its website.

“Sweeten started as a small company that was founded on a desk in my bedroom, and today we have expanded our operations to major cities across the country,” Jean Brownhill, founder and CEO of Sweeten, said in a statement.

“As a Black woman in two male-dominated industries, construction and tech, I’m keenly aware of how difficult it can be for entrepreneurs to find support. I’m grateful for the investment from the One Million Black Women initiative as we work to advance a shared goal of increasing economic opportunities for underserved people and communities by bringing equity and accountability to real estate developments and infrastructure projects across the country,“ she added.

See the complete list of companies benefitting from the investment here.