The most recent senseless acts of racism and violence against Black people have been a deeply upsetting reminder for everyone that equality is not yet a reality.
Within Goldman Sachs, we are committed to promoting inclusion, diversity and equity through strengthening established initiatives and taking new actions.
We’ve created the Goldman Sachs Fund for Racial Equity to support the vital work of leading organizations addressing racial injustice, structural inequity and economic disparity. In addition to donating $10 million dollars, the company will match employee contributions to recipient organizations dollar for dollar, and donations $25 and under will be matched three to one.
The $10 million Fund for Racial Equity builds upon more than $200 million Goldman Sachs has granted over the last decade to organizations serving communities of color. Most recently, as part of the Goldman Sachs COVID-19 Relief Fund, the firm deployed $17 million to organizations supporting relief efforts in communities of color.
These donations will help us lay the groundwork for efforts we can make to support the Black community. They are also connected to the deeper conversations happening within our organization about how we can support our Black colleagues, clients, customers, and communities. These discussions also include how we can become better listeners and better allies and the concrete steps we will take to embed inclusion into everything we do.
We have also been investing capital and resources in minority owned businesses for over a decade, through our 10,000 Small Businesses program and Urban Investment Group. Now, we are harnessing our expertise and deep relationships with Community Development Financial Institutions and other mission-driven lenders to swiftly deploy targeted capital towards communities of color. We recently announced an additional $250 million in emergency relief to fund the Small Business Administration’s Paycheck Protection Program via loans through these partners, taking our total support since the start of COVID-19 to $800 million.
Addressing inequality is part of our core mission. As our Chairman and CEO, David M. Solomon told a US House subcommittee in early June, “We must stand up and support organizations dedicated to the fight for a more just and equitable society.”