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Starbucks' Create Jobs for USA effort passes $1 million

November 13, 2011

Starbucks Coffee Company and Opportunity Finance Network today announced that the Create Jobs for USA Fund has surpassed $1 million in donations within the first two weeks of the program's Nov. 1 launch.

To date, $6 million has been contributed to the Create Jobs for USA Fund, which includes a $5 million donation from the Starbucks Foundation to seed the initiative.

Every $5 donation can lead to approximately $35 in loans to small businesses, with community lenders issuing $30 in financing, on average, for each donation through their respective financing sources. As a result, the more than $6 million in donations to date may create as much as $42 million in small business loans.

"It's inspiring to see Americans coming together to play a role in helping create and sustain jobs," said Howard Schultz, Starbucks chairman, president and CEO. "Since launching this initiative less than two weeks ago, concerned citizens are already making a difference in helping get Americans back to work. We are optimistic that this initial response will continue through the holidays and into 2012."

Donors who contribute $5 or more receive a red, white, and blue wristband with the message "Indivisible." The wristbands are individually handmade in the U.S.A. and all component materials are manufactured by U.S. suppliers. More than 200,000 wristbands have been distributed to donors since Nov. 1.

OFN, a nationwide network of 180 Community Development Financial Institutions, teamed up with Starbucks to oversee the fund and provide financing to community businesses in underserved markets.

Currently, 28 OFN Member CDFIs around the country have already received grants from the Create Jobs for USA Fund.

One-hundred percent of contributions will be pooled and awarded as small business loans to help create and sustain jobs in underserved communities. Donations are being accepted online and at nearly 7,000 U.S. company-operated Starbucks stores.

Read more news about Starbucks and other coffee brands.