Starbucks Coffee Company (NASDAQ: SBUX) is taking its penchant for stimulating its customers (via caffeinated drinks and customer service) and setting its sights squarely on the nation's economy.
Starbucks announced a new program called Create Jobs for USA. The Create Jobs for USA initiative, in partnership with the Opportunity Finance Network, will pool donations from Starbucks customers, employees, and other donors into a nationwide fund to be used for for community business lending.
Starting November 1, www.CreateJobsforUSA.org and thousands of Starbucks stores nationwide will be accepting donations.
A patriotically red, white, and blue wristband, with the message "Indivisible," will be given to donors who contribute $5 or more. Starbucks characterizes the wristband as "a symbol of Americans uniting with other Americans to help create jobs."
A full 100% of donations will go to OFN to help fund loans to community businesses; Starbucks indicated that this means "small businesses, microenterprises, nonprofit organizations, commercial real estate, and affordable housing" for the purpose of sustaining jobs.
Starbucks and OFN say that every $5 donation will result in $35 in financing to support community businesses.
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