A Starbucks Initiative to Brew Up U.S. Jobs
Date: 01/24/2012
Entrepreneur.com -- For little more than the price of a latte, the average American can help finance a new business startup. That's the premise behind Create Jobs for USA, the brainchild of Starbucks founder and CEO Howard Schultz. Through the program, every $5 donated at a Starbucks location or through CreateJobsforUSA.org supports $35 worth of small-business lending.
To get these funds directly into the hands of businesses owners, Starbucks partnered with Opportunity Finance Network (OFN), a collection of 180 Community Development Financial Institutions (CDFIs) that specialize in lending to low-income and disadvantaged individuals and underserved communities throughout the nation.
Create Jobs for USA launched in November 2011, with the Starbucks Foundation making a $5 million seed donation. An economic team at the Philadelphia-based OFN, with input from independent economists, estimates that for every $3,000 donated to the program--which translates into $21,000 in loans--one job will be created or retained. More than $1 million in donations was collected within the first two weeks of the initiative. OFN president and CEO Mark Pinsky explains how entrepreneurs can benefit. Click here to read the full article.
