With the goal of assisting underserved communities in Chicagoland, Starbucks Company announced its commitment this week to invest $10 million in four established community lenders to help entrepreneurs and small businesses by providing greater access to capital. Through the investment, the small business lenders expect to finance more than 500 loans and offer mentorship and skills training to help entrepreneurs grow their business.
The four lenders, Accion Chicago, Chicago Loan Fund (CCLF), Local Initiative Support Corporation, and IFF, are well-known Community Development Financial Institutions (CDFIs) that work personally with borrowers in Chicago to provide professional, technical, and financial support to make sustainable impact. The CDFI’s plan to focus on helping small businesses, nonprofits, and real estate ventures with the hopes of creating more job opportunities for the community.
Starbucks has a history of social responsibility initiatives, having raised more than $15 million in donations in partnership with Opportunity Finance Network that created jobs in underserved communities across the U.S. Since 2011, Starbucks has helped sustain more than 5,000 jobs and they hope to achieve similar success now in Chicago.
“I applaud Starbucks for their commitment of corporate citizenship and efforts to strengthen the communities in which they serve,” said Mayor Lori E. Lightfoot. “Chicago’s own relationship with Starbucks stretches over three decades, and we are incredibly excited to continue that partnership well into the future, through the 200 new jobs created in the beautiful new Reserve Roastery…”
