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“Through this innovative facility, we have helped tens of thousands of women business owners access capital to grow their businesses, realize their potential, and fuel economic growth.” David Solomon, Chairman and CEO of Saks.
Financial institutions participating in WEOF continue to report healthy growth and superior asset quality in their women-owned small business portfolios. From 2015 to 2021, the average non-performing loan ratio for women-owned small businesses was just 2.6%, far below the non-performing loan ratio for all small business loans (3%) over the same period.
The purpose of this facility is two-fold: to empower women through access to capital and expertise, and to demonstrate the commercial viability of investing in women, meaning that supporting women in business can help the global economy. It’s about demonstrating how big an impact you can have.
And the numbers speak for themselves.
Good for women and good for the global economy
In India, more than 38,000 women entrepreneurs have received more than 45,900 loans worth US$720 million through the Goldman Sachs Credit Facility, and the impact is far-reaching.
According to a study by Goldman Sachs in India, on average within just 30 months after graduating from a program, participants quadruple their income, increase their productivity five times, and double their workforce. , each creating five additional jobs.
In total, 12,000 new jobs will be created within 18 months of graduation, adding Rs 28 billion in revenue to the Indian economy.
Additionally, they play a key role in upskilling people, giving back to local communities and integrating sustainability into the business, Keenan says.
9 out of 10 pay it forward with business support through mentoring other female graduates.
The number of graduates confirming the effectiveness of the 10,000 Women program in India is as follows:
- 32% announce new products or services
- 45% improve the quality of an existing product or service
- 85% more confident when dealing with difficult situations
- 67% feel their negotiation skills have improved
- 88% are able to adapt their business in response to external disruption
The success of the 10,000 Women Initiative also inspired the creation of Goldman Sachs’ Launch With GS, a $1 billion commitment to invest in companies and investment managers led by diverse leaders.
Since 2018, the company has committed $1 billion to women, Black, Latinx, and other diverse entrepreneurs and investors, building a global ecosystem that supports early-stage businesses.
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