On October 29, Starbucks Coffee Company announced its plans to invest $10 million in Accion Chicago, Chicago Community Loan Fund (CCLF), Local Initiative Support Corporation (LISC) and IFF. The investment will help finance more than 500 loans to foster growth in small business, support community development projects and create more jobs in Chicago’s underserved communities.
“We believe the pursuit of profit is not in conflict with the pursuit of doing good,” said Starbucks ceo Kevin Johnson. “We know that our business performs at its best when the communities we serve are thriving. This sustained investment will provide borrowers who often face barriers with access to capital and mentorship to grow their business and create more jobs in Chicago.”
“OFN commends Starbucks for this investment in small business and job creation for the Chicago communities that need it most,” said Amir Kirkwood, chief lending and investment officer for Opportunity Finance Network (OFN). “This welcome investment will be managed by four CDFIs who are OFN members, all expert in providing much-needed fair and responsible lending to small businesses to create economic opportunity where it really counts.”
Read the full press release here.