In January 2021, Starbucks committed to investing $100 million to launch the Starbucks Community Resilience Fund. The Fund aims to advance racial equity and environmental resilience by supporting small business growth and community development projects in Black, Indigenous and People of Color (BIPOC) communities with historically limited access to capital.
The investments will initially focus on 12 U.S. metropolitan areas and their surrounding regions: Atlanta, Detroit, Houston, Los Angeles, Miami, Minneapolis, New Orleans, New York City, Philadelphia, San Francisco Bay Area, Seattle and Washington D.C.
In partnership with community leaders, Community Development Finance Institutions (CDFIs) and other impact-focused financial institutions, the Fund will help provide access to capital intended to support small businesses and neighborhood projects, including those addressing the inequitable impacts of climate change.
“These commitments are in addition to the actions we’ve already taken on the realization of our vision to create an inclusive Starbucks,” said Dennis Brockman, Starbucks chief global inclusion and diversity officer, in a letter to partners. “We all have a role to contribute and it’s with that purpose in mind that we continue to invest in these areas for all partners. Learning comes by doing, and that’s what we are committed to.”
As a recipient of the Fund, BBIF continues to strengthen its partnership with Starbucks in a way that will be meaningful for Black Businesses in Miami.
“Through this Starbucks partnership and investment, Black Business Investment Fund is excited to continue to expand our work and support to Black businesses in the Miami metropolitan area,” said Inez Long, President and CEO of BBIF. “Their support will help us as we continue to provide affordable, creative, and flexible capital while impacting job growth and promoting business resiliency.”
“This is not our first time engaging with Starbucks to create change in our community,” said Jasmine Gebon, VP of Strategic Initiatives, BBIF. “BBIF was a Create Jobs for USA grantee in 2011. Having Starbucks’ continued support of BBIF’s intentional work and unique mission underscores the critical importance of CDFIs, particularly in BIPOC communities.”
Created in 1987, BBIF’s mission is to develop and promote Black business enterprises through education, training, loans, investments, and other activities and to aggressively promote an atmosphere conducive to their development. A mission-driven lender, BBIF helps communities and businesses thrive by providing loan capital and specialized financial technical assistance services. BBIF is a CDFI (Community Development Financial Institution) and CDE (Community Development Enterprise) certified by the U.S. Department of the Treasury, Community Advantage and Micro Loan lender as certified by U.S. Small Business Administration, Money Smart for Small Business collaborator certified by the Federal Deposit Insurance Corporation (FDIC) and is AERIS rated triple star, A-minus. Since our inception, BBIF has provided over $62 million in loans to more than 800 businesses and leveraged $292 million in New Markets Tax Credit (NMTC) community investments. BBIF’s investments have helped to create/sustain over 17,800 jobs, all while maintaining a historical loan loss rate of 4%.
Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high-quality arabica coffee. Today, with nearly 34,000 stores worldwide, the company is the premier roaster and retailer of specialty coffee in the world. Through our unwavering commitment to excellence and our guiding principles, we bring the unique Starbucks Experience to life for every customer through every cup. To share in the experience, please visit us in our stores or online at http://news.starbucks.com or www.starbucks.com.