Atlanta-based non-profit Finance Savvy CEO Foundation has landed grant funding from Goldman Sachs, one of the most prestigious investment banks in the country.
Earlier today Goldman Sachs announced its partnership with the Finance Savvy CEO Foundation, as part of its One Million Black Women initiative, to fund Black women-led and Black women-serving nonprofits.
One Million Black Women is investing $10 million through a multi-year grant program, scaling nonprofit organizations’ efforts to address pivotal moments in Black women’s lives. In this latest iteration, 50 non-profits will receive grants ranging from $50,000 to $250,000 over two years.
“Our focus on financial sustainability and financial health-centric programming uniquely enable us to help back women reach the mature phase of business,” Marguerite Pressley Davis, Finance Savvy CEO Foundation president and founder, told UrbanGeekz.
“The ones who need help are often the same ones who cannot afford access to the resources that will help them the most. From 2007 to 2020 women-owned businesses grew an impressive 58%. During the same period, the number of firms owned by Black women grew 164%, nearly 3 times that growth rate for all women-owned businesses.
“Despite starting businesses at a high rate, only a startling 3% of black women are running “mature businesses” and 58% of Black business owners said their business’s financial health is “at-risk” or “distressed – we are bullish that by enabling black women small business owners to improve their business financial competence and confidence, we will see this groups representation in the mature business phase improve, as well as correlated impacts such as the ability to raise capital.”
The 50 organizations were selected from over 800 applicants based on their established efforts to deliver innovative and transformative solutions to narrow opportunity gaps faced by Black women. Each grantee will receive two years of general operating funding, ranging from $50,000-$250,000. A total of $10 million will be invested through the multi-year program.
“We know one of the best ways to create a more inclusive economy is to invest in Black women,” said David Solomon, Goldman Sachs Chairman, and CEO. “From our listening sessions, we’ve learned just how transformative Black women-led nonprofits have been for communities, and now we’re going to spotlight these organizations and give their leaders the resources they need to increase their impact.”
With the funding, the Finance Savvy CEO Foundation will be able to accelerate each area of its programming – from small business financial literacy boot camps focused on financial hygiene and ongoing management to providing full scholarships for individuals to receive direct specialized financial support along their pathway to long term financial sustainability.
“The Finance Savvy Foundation approaches and implements its work to positively impact the lives and narrow the opportunity gaps for Black women via a set of proven core programming that works. We help entrepreneurs build their financial acumen, equipping them to operate profitable businesses and build wealth.” Pressley Davis said.
Learn more about the Black Women Impact grants program and the 50 recipients.