Monday, October 31, 2011

How Starbucks is working to help small businesses

I got some information this weekend about a new initiative that's beginning tomorrow- and I wanted to pass it on to you all as well!  Keep reading for all the information.

In a nutshell, Starbucks is donating five million dollars to seed a fund at the Opportunity Finance Network, which in turn will provide capital grants to select Community Development Financial Institutions (CDFIs). The CDFIs will provide loans to underserved community businesses, including: small business loans, community center financing, housing project financing and microfinance. 

Beginning November 1st, you may donate to this fund through the createjobsforusa.org website, or at Starbucks, and 100% of your donation will go directly to the fund. Donors who contribute $5 or more will receive a red, white and blue wristband with the message “Indivisible.”  The really cool thing about this is that every $5 donation will result in $35 in financing to support community businesses, because the CDFI lenders will issue $30 in financing, on average, for each $5 donation.  You can read about some of the fantastic success stories at the Create Jobs for America site:  http://www.createjobsforusa.org/Success-Stories/success-stories,default,pg.html.

Disclosure: I received no product and no compensation for this post- just passing on some information! 

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