Business

Another $500 million pledged by Goldman Sachs for minority-owned businesses fund

By Sarah Abraham

Goldman Sachs Group Inc guaranteed another $500 million to help grow businesses owned by Blacks, Latinos, and women under the Launch with GS program which was started by the bank three years ago to close the gender investing gap. The group said on Thursday.

The investment bank’s recent pledge comes soon after it said it would invest $10 billion over ten years as part of another initiative to support Black women, focusing on areas including healthcare, job creation, and education last week.

Goldman said under Launch with GS program more than $450 million of the $500 million has been invested, it previously promised in several companies, including BentoBox, which offers websites for restaurants, and lease accounting software provider LeaseQuery.

The initiative initially allowed clients to invest directly in companies or provide seed capital for women starting their funds but later on was expanded to include people of color.

Another $350 million was pledged by JPMorgan Chase & Co last month to help grow businesses owned by Black, Latino, and women, as part of a broader effort at the bank to help close the U.S. racial wealth gap.

Tags: $500 million Goldman Sachs Group Launch with GS program minority-owned businesses

Sarah Abraham

Sarah Abraham is a graduate in Journalism - Mass Media. A media enthusiast who has a stronghold on communication and content writing. She is committed to high-quality research and writing. Sarah is currently working as an aspiring journalist at USAnewshour.com and can be reached at sarahabrahamk1011@gmail.com.