Lola M. Parker, a graduate of Chicago Business College, was one of the great visionaries of this time. She realized that Black women who were discriminated against on the basis of both race and gender needed to not only improve their existing skills but also motivate and inspire other women to achieve the highest level of proficiency in their chosen professions.
Joining together with Ethel T. Edwards, Mildred G. Hardin, Harriet M. Robinson, Ophelia Harrison, Burdette Trigg and Marjorie Tyndall, Lola M. Parker founded Iota Phi Lambda Sorority on June 1, 1929 to carry out these objectives.
Since its inception, Iota has embraced other professions; however, the main focus remains on the field of business. There are now more than 100 chapters with membership numbering more than 5,000 in 85 cities, Washington DC and the US Virgin Islands.