Press release
Starbucks Invests $10 Million in Small Business and Community Development Loans to Bolster Economic Opportunity in Chicago
The investment in community lenders Accion Chicago, Chicago Community Loan Fund, IFF and Local Initiatives Support Corporation will finance more than 500
About this update from Starbucks Corporation
[{"type":"text","content":"\nThe investment in community lenders Accion Chicago, Chicago Community Loan Fund, IFF and Local Initiatives Support Corporation will finance more than 500 loans focused on supporting Chicagoland entrepreneurs in underserved communities\n\n CHICAGO--(BUSINESS WIRE)--\nToday, Starbucks Coffee Company announced its plans to invest $10 million in four community lenders to drive economic opportunity in Chicago. Starbucks investment is expected to help finance more than 500 loans to foster growth in small business, support community development projects and create more jobs in Chicago’s underserved communities.\n\n\n“We believe the pursuit of profit is not in conflict with the pursuit of doing good,” said Starbucks ceo Kevin Johnson. “We know that our business performs at its best when the communities we serve are thriving. This sustained investment will provide borrowers who often face barriers with access to capital and mentorship to grow their business and create more jobs in Chicago.”\n\n\n“I applaud Starbucks for their commitment of corporate citizenship and efforts to strengthen the communities in which they serve,” said Mayor Lori E. Lightfoot. “Chicago’s own relationship with Starbucks stretches over three decades, and we are incredibly excited to continue that partnership well into the future, through the 200 new jobs created in the beautiful new Reserve Roastery, as well as across our neighborhoods that aligns to our new INVEST South/West initiative, as we work together to create jobs, drive investment, and expand access to opportunity for every one of our city’s residents and families.”\n\n\nThe $10 million investment from Starbucks is planned to be dispersed among Accion Chicago, Chicago Community Loan Fund (CCLF), Local Initiative Support Corporation (LISC) and IFF – four established Community Development Financial Institutions (CDFI) that drive economic opportunity in the city’s neighborhoods, especially within those with little access to the flexible, affordable capital that entrepreneurs need. In addition to lending, the organizations will provide borrowers with mentoring and technical assistance to ensure the success of their projects.\n\n\n“Our communities are filled with talent and entrepreneurial spirit,” said Meghan Harte, executive director of LISC Chicago, which has invested more than $970M in grants, loans and...