Starbucks commits $10 million for economic growth initiatives

• Published date: 01 January 2020
• DOI: http://doi.org/10.1002/nba.30707
• Date: 01 January 2020

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DOI: 10.1002/nba

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12

Starbucks commits $10 million

for economic growth initiatives

Starbucks has announced plans to invest $10 mil-

lion in four community development  nancial institu-

tions to drive economic opportunity in Chicago. The

investment is expected to help  nance more than 500

loans to foster growth in small business, support com-

munity development projects and create more jobs in

Chicago’s underserved communities.

The $10 million will be disbursed among Accion

Chicago, the Chicago Community Loan Fund, the

Local Initiative Support Corporation and IFF—four

established CDFIs that drive economic opportunity

in the city’s neighborhoods, Starbucks said, espe-

cially within those with little access to the  exible,

affordable capital entrepreneurs need. In addition

to lending, the organizations will provide borrowers

with mentoring and technical assistance to ensure the

success of their projects.

With more than 150 combined years of experience

providing capital and  nancial guidance, these CDFIs

have the  nancial expertise and local knowledge of

Chicago to support meaningful, sustainable impact.

Areas of focus for loan disbursement will include

small businesses, nonpro t organizations and com-

mercial real estate ventures, the company said.

For more information, visit https://bit.

ly/2LmyefJ. ■

• The Federal Emergency Management Agency

distributed $15.6 billion for U.S. disasters in 2017,

an $11.9 billion increase from 2016.

• Corporate giving programs committed at least

$275.4 million to disasters and humanitarian crises

in both cash and in-kind donations.

Broken down, most of the funding—64%—went

to address immediate response and relief needs. Just

17% went toward reconstruction and recovery, and

only 2% each went to resilience and preparedness

efforts.

According to Robert Ottenhoff, president and

CEO of the Center for Disaster Philanthropy, these

latter numbers are disheartening.

“While it is gratifying to note the signi cant fund-

ing in response to the major disasters that marked

2017, we know that two years later, communities

impacted are still working hard to recover. Thus, it

is concerning that funding for recovery has seen no

change over the previous year,” said Ottenhoff in a

statement announcing the research. “The increasing

intensity of weather-related disasters demonstrates

the impact of our changing climate and the need

to support efforts to build stronger, more resilient

communities.”

The report can be accessed in full at https://

disasterphilanthropy.candid.org. ■

DISASTER (continued from page 7)