Starbucks Brewing Up Support for Small Businesses
Since last November, Starbucks Corp. has collected $2 million in donations to help fund small business loans. About 7,000 Starbucks cafés across the country are participating in the “Create Jobs for USA” project, launched in conjunction with Opportunity Finance Network, to help boost the economy and improve employment prospects for Americans.
“Washington is not doing enough,” Starbucks CEO Howard Schultz told Bloomberg Businessweek. “These are like-minded companies who recognize that we all must do our part and can’t wait for Washington,” he said of the “Create Jobs for USA” partnership. Contributing an initial $5 million to jump-start the fund, The Starbucks Foundation made 278 loans to American businesses by December of last year.
Schultz has been an outspoken advocate for policy change over the past year, recently encouraging fellow CEOs and business leaders to boycott political campaigns until solutions are provided to ease the nation’s growing budget deficit.
Josh Davis, founder of Gelato Fiasco Inc. in Maine, received a $140,000 loan through Create Jobs for USA to open a second store. “We’ve been inspired by [Starbucks’] story and look to them as leaders,” Davis said. The loan helped Davis purchase equipment and hire six employees to staff the new location.
Click here to read more about how Starbucks is helping small businesses in the U.S.
Subscribe today for Free Enterprise Updates
- Latest business trends and best practices
- News about legislation and regulation impacting business
- Business how-to articles from industry experts
- Commentary and interviews with newsmakers in business and politics
