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Friday, June 5, 2020

Goldman Sachs Establishes Fund for Racial Equity

Goldman Sachs, a multinational investment bank and financial services company, announced it has created a fund to assist minority organizations.

According to a released statement by the company, the effort will support the vital work of leading organizations addressing racial injustice, structural inequity, and economic disparity.

“We must stand up and support organizations dedicated to the fight for a more just and equitable society,” said David M. Solomon, chairman and CEO. “To honor the legacies of George Floyd, Breonna Taylor, and Ahmaud Arbery, we must all commit to help address the damage of generations of racism.”

The fund will be launched with $10 million from Goldman Sachs Gives, a donor-advised fund that allows the firm and its current and retired senior employees to direct grants to support underserved communities around the world.

Company employees donating to Fund for Racial Equity recipient organizations will have their contributions matched by the firm dollar for dollar. Donations of $25 and under will be matched 3 to 1.

Earlier this year the company created the Launch with GS Black and Latinx Entrepreneur Cohort and put a call out to company founders. After receiving 400 applications from founders in 37 states, Goldman Sachs selected 14 black and Latinx founders to participate in the inaugural cohort.

Margaret Anadu, head of the Goldman Sachs Urban Investment Group and Launch With GS lead investor, said in April, “The volume and quality of applications confirms our view that there is a strong pipeline of companies led by black and Latinx founders in the U.S. We’re thrilled to share the knowledge and convening power of Goldman Sachs with these founders as they take their businesses to the next level.”

Goldman Sachs has also committed funds to COVID-19 relief and recovery efforts, including its $30 million COVID-19 Relief Fund and $525 million commitment to small businesses across the country.

from Black Enterprise

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