As part of its long-standing commitment to use its scale and platform to positively impact the communities it serves. Starbucks announced this week it will invest $100 million to launch the Starbucks Community Resilience Fund focused on supporting small businesses and community development projects in Black, Indigenous and People of Color neighborhoods.
Starbucks, which is a member of the Business Council of Westchester, said the new Fund will invest $100 million to advance racial equity and environmental resilience by supporting small business growth and community development projects in neighborhoods 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.
In addition, Starbucks said it is partnering with the Smithsonian’s National Museum of African American History and Culture to share the museum’s educational resources and digital volunteer opportunities.
“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 Kevin Johnson, Starbucks President and CEO. “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 BCW wholeheartedly commends BCW member Starbucks for the launch of this very significant and much-needed investment to advance racial equity and environmental resilience at this critical time in our nation,” said BCW President and CEO Marsha Gordon.