Starbucks is stepping up efforts to support BIPOC-owned companies. The company announced that as part of its commitment towards racial injustice and social change that they will be investing $100 million in BIPOC-owned businesses across 12 cities around the country.
The Seattle-based coffee giant unveiled its Starbucks Community Resilience Fund to support minority-owned
businesses around the country in selected cities including Miami, Philadelphia, New Orleans, Houston, San Francisco Bay Area, Los Angeles, Seattle, Atlanta, Detroit, New York City and Washington D.C.“Starbucks has always been a company focused on caring for our partners, creating experiences for our customers, and playing a positive role in our communities
and throughout society,” said president and CEO Kevin Johnson in a statement on the company’s website. “We are excited to make this investment as it aligns with our Mission and Values and supports our aspiration to advance equity and opportunity in the communities we serve.”The company will also partner with organizations like the Opportunity Finance Network so local CDFIs in the different cities can provide small businesses access to capital and other resources to help their businesses. “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,” said OFN president and CEO, Lisa Mensah, in the statement.
“With partners like Starbucks and CDFIs, these small businesses will have a fighting chance to recover, rebuild, hire workers, and serve their local economy.”