President Biden and the Small Business Association have partnered with historically black fraternities and sororities to bridge the wealth gap in America. Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice for America’s 32.5 million small businesses in President Biden’s cabinet, signed a Strategic Alliance Memorandum (SAM). The SAM serves as an authority unique to the SBA among federal agencies — with President Reuben A. Shelton III, Esq., on behalf of the National Pan-Hellenic Council (NPHC)’s Council of Presidents. The NPHC is comprised of nine historically Black fraternities and sororities, sometimes referred to as the “Divine Nine.” This new strategic relationship, announced ahead of Juneteenth, backs the Biden-Harris Administration’s commitment to strengthening equity throughout the federal government and across America. The partnership will focus on increasing financial literacy within traditionally underserved, disadvantaged communities. This involves expanding the Agency’s outreach, and introducing Black entrepreneurs to the SBA’s suite of tools and resources to start and grow their businesses, including access to capital, government contracting opportunities, and counseling, under the new alliance, a first for a federal government agency.
Goldman Sachs’ One Million Black Women project is awarding funds to 50 groups representing a diverse variety of geographical areas and organizational purposes. Each grantee will receive $50,000 to $250,000 in general operations money over two years. This comes in response to Goldman Sachs’ history with black women and women of color to address racial disadvantages. According to Goldman’s exclusive data, one of the most significant barriers to black women starting their own businesses and NGOs is a lack of finance.