Starbucks has announced a $5 million donation to Opportunity Finance Network, a network of microlenders, in order to help jumpstart job creation.
The coffee giant will also be accepting donations at the cash register beginning Nov. 1 and giving out snazzy wristbands.
Microlenders are nonprofit organizations that provide capital to small businesses, startups, and entrepreneurs with perhaps more shaky credit than a “standard” business. Access to capital, especially in such a tight market, is crucial for businesses that are ready to expand.
“Small businesses are the backbone of America, employing more than half of all private sector workers – but this critical jobs engine has stalled,” said Howard Schultz, Starbucks chairman and CEO, in a statement. “We’ve got to thaw the channels of credit so that community businesses can start hiring again. Create Jobs for USA empowers Americans to help other Americans create and sustain jobs, with Starbucks and OFN as a catalyst and the Indivisible wristband as a symbol of our country’s unity.” Starbucks and OFN say that every $5 donation creates $35 in loan opportunities.
Okay, but that doesn’t make Starbucks (with 6,800 stores in the U.S. alone) a small business. And a $5 million donation is just over a percent of the $402 million profit the company pulled in in just one quarter. But every little bit counts, yeah? Learn more here.