US bank Goldman Sachs has partnered with A-list superstar Jennifer Lopez to reach Latina businesses in New York.
Singer and actor Lopez, who is of Puerto Rican heritage, returned to her roots in New York’s Bronx to get together with a group of entrepreneurs alongside Goldman’s chief executive David Solomon at The Lit Bar in the same area.
In a LinkedIn post after the event, Lopez thanked Solomon and his team for helping small business founders “get the access and resources they deserve”.
According to research published in September 2020 by New York-based independent think tank Centre for an Urban Future, there was an 8.7% decrease in the number of Hispanic-owned businesses in the city from 2012 to 2017, with a 23% drop in the Bronx.
Goldman Sachs’s asset management arm found in a survey, published in June, that women who had participated in their 10,000 Women and 10,000 Small Businesses programmes in the past had been “deeply impacted by Covid-19” regardless of their region, industry or experience.
The findings echoed research from PwC and Deloitte which concluded women had been heavily impacted during the pandemic, be it through increase household chores or a significant decrease in work-life balance.
Solomon and Lopez were joined by Isabel Guzman, the head of the US Small Business Administration, as well as Asahi Pompey, Goldman’s global head of corporate engagement.
In December 2020, the bank said it was adding an extra $250m to fund its 10,000 Small Businesses programme, a long-standing initiative aimed at helping entrepreneurs create jobs by providing more access to education, capital and business support services.
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