Early in 1929, Mrs. Lola Mercedes Parker of Chicago, Illinois, was stimulated by the need for and the great vision of an organization which would offset the results caused by the Great Depression. She saw many African-Americans who were left without employment. In particular, African-American women who were working at comparatively new skills in white-collar jobs in the business field, were doubly penalized by race and sex.

Thus, Mrs. Parker called together six friends, Harriet M. Robinson, Ophelia Harrison, Ethel T. Edwards, Mildred G. Hardin, Burdette Trigg and Marjorie Tindall. All of these women were close friends and were willing to become pioneers along with Lola M. Parker to discuss a plan for establishing an organization that would add prestige to the field of business and to those women who had chosen business as a career. Such an organization would stimulate, inspire, give assistance to and foster those persons engaged in business vocations.

As a result, on June 1, 1929, Iota Phi Lambda Sorority, Alpha Chapter was created, taking the first step in the organization of a national business sorority. Since that time, the connotation business has been expanded to embrace most professions. However, the major emphasis has remained in the broad field of the business arena.

As the sorority's National President in 1935, Lola M. Parker was instrumental in Iota Phi Lambda Sorority being present when Dr. Mary McLeod Bethune held the historic first meeting of the National Council of Negro Women on December 5, 1935 in Harlem. Iota Phi Lambda was one of three sororities present, along with representation from other national organizations.

In keeping her ambitions to others, Lola M. Parker served as national vice-president to the Women's Army for National Defense, an active member of the NAACP, YMCA and was founder and the first secretary to the Chicago Chapter of the National Council of Negro Women and many national and local organizations engaged in civic endeavors for racial, educational and economic progress. In 1972, Alpha along with Alpha Beta Chapter of Chicago, sponsored a Play Tot Lot at the South Shore YMCA in honor of Founder Lola Mercedes Parker.

Lola M. Parker died on March 19, 1987 and is buried at Lincoln Cemetary.