What’s Changing with Goldman Sachs’ One Million Black Women Initiative?

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In 2021, Goldman Sachs announced its One Million Black Women initiative—a historic $10 billion direct investment and $100 million in philanthropic support to address the racial and gender wealth gap affecting Black women across the U.S. The firm made a clear commitment to improve access to capital, housing, healthcare, job creation, education, and financial health, with the goal of positively impacting one million Black women by 2030.

By 2023, Goldman Sachs reported it had already deployed over $2.1 billion in capital and $23 million in philanthropic support across 137 organizations, projects, and companies. The program has been shaped by advisory input from Black women leaders and by listening sessions with more than 20,000 Black women.

Recently, some headlines have sparked concern about whether Goldman Sachs has altered or downplayed its original commitment. In particular, a Wall Street Journal article in April 2025 noted that public-facing language on some materials—particularly around the Black in Business program—had shifted. Some references to race, specifically the word "Black," were removed or revised, raising questions among entrepreneurs and community leaders about what these changes mean in practice.

To clarify: the One Million Black Women initiative name and overall mission remain active. The dedicated initiative hub is still live, and many of its key investments are ongoing. However, updates to how Goldman Sachs describes some programs—especially Black in Business—have led to what many interpret as a rebranding effort.

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Originally designed to serve Black women entrepreneurs specifically, the Black in Business program now emphasizes helping small businesses "stay in the black," focusing more heavily on financial profitability rather than racial identity. This phrase—commonly used in accounting to describe being profitable—was always part of the program’s branding. But today, its racial meaning appears less pronounced than it was in 2021.

According to Goldman Sachs, this adjustment is part of a broader effort to ensure that its programs comply with current legal standards and align with inclusive strategies that support low- and moderate-income communities more broadly. In light of evolving legal interpretations of race-conscious programs, many corporations are refining how they position DEI-related initiatives. Goldman Sachs is not alone in that shift.

Still, for Black women in business, clarity matters. While the funding, programming, and resources may still be available, how they are framed—and who feels explicitly included—can influence access and trust. Language shapes policy. Visibility invites opportunity.

At Bacon Magazine, we’ll continue to monitor these updates and share verified information so our readers can remain informed, proactive, and equipped. Programs like One Million Black Women represent historic progress, and it’s important that we keep track of how they evolve—factually, not reactively.

For those interested in exploring current opportunities or understanding the full scope of the initiative, you can visit the official Goldman Sachs One Million Black Women page.