Starbucks invests $100M to support BIPOC small business

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Starbucks started a new community resilience fund to help support underserved communities in 12 major cities. The Seattle-based coffee company announced the launch of the Starbucks Community Resilience Fund on Wednesday, which will invest $100 million by 2025 to help advance racial equity and environmental initiatives through development projects in Black, Indigenous and People of Color (BIPOC) communities.

Starbucks will direct the investments to 12 metropolitan areas and surround regions in Atlanta, Detroit, Houston, Los Angeles, Miami, Minneapolis, New Orleans, New York City, Philadelphia, San Francisco Bay Area, Seattle and Washington D.C.

"Starbucks is investing in the survival of small business by working with CDFIs in key cities across America. CDFIs deliver affordable credit as well as training on disaster recovery and rebuilding – and that is exactly what small businesses need right now to withstand ongoing economic and climate changes," OFN president and CEO, Lisa Mensah said in a statement.

Additionally, the company announced a new collaboration with the Smithsonian's National Museum of African American History and Culture to share educational resources and digital volunteer opportunities in honor of Dr. Martin Luther King Jr.’s legacy.

 

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