Iota Phi Lambda Sorority Inc. (ΙΦΛ) is the first African American Greek-lettered business sorority established by African American business women.

The sorority was founded on June 1, 1929, in Chicago, Illinois by Lola Mercedes Parker.

[1][2] The founding of the sorority was important for African American women as after World War I there was the "Great Migration" of blacks from the South to the Northern cities, seeking greater opportunities and more tolerant society.

These skills, in turn, would hopefully ensure a better way of life for tens of thousands of blacks who had migrated northward.

The motto of Iota Phi Lambda is "Upward and Onward in Efficient Service."