Starting today (Nov. 1), when you pick up your morning cup of coffee at Starbucks, you can also help stimulate American job growth with a contribution to the Create Jobs for USA Fund. Donations to the fund, which has been seeded with a $5 million contribution from the Starbucks Foundation, will help create and sustain jobs in underserved communities across the country. Every $5 donated will result in $35 in loans to community businesses.
Donations to the campaign are being accepted at Starbucks' U.S. company-owned stores and online at Create Jobs for USA. Donations from Starbucks customers, Starbucks employees and concerned citizens will be pooled into a nationwide fund, held and managed by the Opportunity Finance Network (OPN) for community business lending.
Donors who contribute $5 or more will receive a red, white, and blue wristband with the message "Indivisible." The wristbands are individually handmade in the U.S. and all component materials are manufactured by U.S. suppliers, so the effort is also helps support American manufacturing jobs .
The OPN is a nationwide network of 180 Community Development Financial Institutions (CDFIs) that provide financing to community businesses in underserved markets where accessing credit through traditional lending institutions is challenging or not available.
On average, CDFIs will match $30 of money from other sources with every $5 donation. Based on conservative forecasting models developed by OFN with input from independent economists, one new job will be created or retained for approximately every $21,000 in loans – or approximately every $3,000 in donations.
"The Create Jobs for USA program and Indivisible wristbands provide Americans an opportunity to help support job creation at a time when we have alarming unemployment and many struggling small businesses," said Howard Schultz, Starbucks' CEO and chairman. "The more we stimulate demand and increase the purchasing power of middle-class consumers, the faster we will recover. We hope this is a galvanizing moment as Americans come together to be catalysts for change by giving community businesses access to the credit they need to hire, to grow and to contribute to creating thriving communities."
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Reach BusinessNewsDaily senior writer Ned Smith at email@example.com. Follow him on Twitter @nedbsmith.