Starbucks Announces $100 Million Investment in CDFIs and Other Impact-focused Financial Institutions
In January 2021, Starbucks announced new initiatives as part of its long-standing commitment to use its scale and platform to positively impact the communities it serves.
By 2025, the Starbucks Community Resilience Fund will invest $100 million to advance racial equity and environmental resilience by supporting small business growth and community development projects in neighborhoods with historically limited access to capital. The investments will initially focus on 12 U.S. metropolitan areas and their surrounding regions: Atlanta, Detroit, Houston, Los Angeles, Miami, Minneapolis, New Orleans, New York City, Philadelphia, San Francisco Bay Area, Seattle, and Washington, D.C.
In partnership with community leaders, CDFIs, and other impact-focused financial institutions, the Fund will help provide access to capital intended to support small businesses and neighborhood projects, including those addressing the inequitable impacts of climate change.
“Starbucks is investing in the survival of small business by working with CDFIs in key cities across America. CDFIs deliver affordable credit as well as training on disaster recovery and rebuilding – and that is exactly what small businesses need right now to withstand ongoing economic and climate changes,” said OFN President and CEO Lisa Mensah. “With partners like Starbucks and CDFIs, these small businesses will have a fighting chance to recover, rebuild, hire workers, and serve their local economy.”
Read the full announcement.