5. GENDER EQUALITY

Goldman Sachs: Empowering and Enabling Women Entrepreneurs Worldwide

Written by Amanda

“Through this innovative facility, we’ve helped tens of thousands of women business owners access capital so that they can grow their businesses, reach their potential and drive economic growth,” says Goldman Sachs Chairman and CEO David Solomon.

WEOF-participating financial institutions continue to report healthy growth and strong asset quality in their women-owned SME portfolios. From 2015 through 2021, the average ratio of non-performing loans for women-owned SMEs was just 2.6%, far below that NPL ratio for total SME loans, which was 3% over the same period.

The aim of the facility is two-fold, to empower women through access to capital and expertise and demonstrate the commercial viability of investing in women – how backing women in business can have an outsized impact on the global economy.

And the numbers speak for themselves.

Good for Women, Good for the Global Economy

In India, where more than 38,000 female entrepreneurs have received more than 45,900 loans worth US$720 million through Goldman Sachs’ credit facility, the impact has been far-reaching.

On average within just 30 months of graduating from the programme, participants quadruple their revenue, increase productivity by five times, and double their workforce creating five additional jobs each, according to Goldman Sachs research.

Collectively, that’s 12,000 new jobs and the addition of Rs 28 billion in revenue to the Indian economy within 18 months of graduating.

Moreover, they play a significant role in upskilling talent, explains Keenan, giving back to their local communities, and integrating sustainability into their businesses.

Nine in 10 pay the business support forward by mentoring other women graduates.

These graduate numbers confirm the effectiveness of the 10,000 Women programme in India:

  • 32% launch a new product or service
  • 45% improve the quality of their existing product or service
  • 85% more confident when dealing with diffciult situations
  • 67% seen improvement in their ability to negotiate
  • 88% able to adapt their business in response to exernal disruption

The success of the 10,000 Women initiative further influenced the creation of Goldman Sachs’ Launch With GS’, a billion-dollar commitment to invest in diverse-led companies and investment managers.

Since 2018, the firm has deployed US$1 billion to women, Black, Latinx and other diverse entrepreneurs and investors and created a global ecosystem supporting early-stage businesses.

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Make sure you check out the latest edition of Sustainability Magazine and also sign up to our global conference series – Sustainability LIVE 2024.

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Sustainability is a BizClik brand.

Source: sustainabilitymag.com

“Through this innovative facility, we’ve helped tens of thousands of women business owners access capital so that they can grow their businesses, reach their potential and drive economic growth,” says Goldman Sachs Chairman and CEO David Solomon.

WEOF-participating financial institutions continue to report healthy growth and strong asset quality in their women-owned SME portfolios. From 2015 through 2021, the average ratio of non-performing loans for women-owned SMEs was just 2.6%, far below that NPL ratio for total SME loans, which was 3% over the same period.

The aim of the facility is two-fold, to empower women through access to capital and expertise and demonstrate the commercial viability of investing in women – how backing women in business can have an outsized impact on the global economy.

And the numbers speak for themselves.

Good for Women, Good for the Global Economy

In India, where more than 38,000 female entrepreneurs have received more than 45,900 loans worth US$720 million through Goldman Sachs’ credit facility, the impact has been far-reaching.

On average within just 30 months of graduating from the programme, participants quadruple their revenue, increase productivity by five times, and double their workforce creating five additional jobs each, according to Goldman Sachs research.

Collectively, that’s 12,000 new jobs and the addition of Rs 28 billion in revenue to the Indian economy within 18 months of graduating.

Moreover, they play a significant role in upskilling talent, explains Keenan, giving back to their local communities, and integrating sustainability into their businesses.

Nine in 10 pay the business support forward by mentoring other women graduates.

These graduate numbers confirm the effectiveness of the 10,000 Women programme in India:

  • 32% launch a new product or service
  • 45% improve the quality of their existing product or service
  • 85% more confident when dealing with diffciult situations
  • 67% seen improvement in their ability to negotiate
  • 88% able to adapt their business in response to exernal disruption

The success of the 10,000 Women initiative further influenced the creation of Goldman Sachs’ Launch With GS’, a billion-dollar commitment to invest in diverse-led companies and investment managers.

Since 2018, the firm has deployed US$1 billion to women, Black, Latinx and other diverse entrepreneurs and investors and created a global ecosystem supporting early-stage businesses.

*******************

Make sure you check out the latest edition of Sustainability Magazine and also sign up to our global conference series – Sustainability LIVE 2024.

*******************

Sustainability is a BizClik brand.

Source: sustainabilitymag.com

About the author

Amanda

Hi there, I am Amanda and I work as an editor at impactinvesting.ai;  if you are interested in my services, please reach me at amanda.impactinvesting.ai

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