Starbucks Jobs Donation Program
October 4, 2011 by staff
Starbucks Jobs Donation Program, Starbucks hopes that customers will be willing to pay at least 5 and more when they stop at your first cup of Joe.
From November 1, Starbucks will begin collecting donations and 5 or more customers to boost U.S. growth through his work “The U.S. employment” the program. The coffee chain based in Seattle is working with the Opportunity Finance Network, a nonprofit organization that works with nearly 200 community development financial institutions to lend to small businesses and community groups. Starbucks says that 100 percent of donations will go to loans for businesses and organizations that can add jobs or stop the job losses.
Starbucks, which pioneered in how Americans drink coffee, declined to estimate how much money it plans to raise, but millions of people visit their own stores nearly 7,000 U.S. every day. Customers will receive a bracelet that give red, white and blue that says “Indivisible.”
“This is about using the scale of Starbucks forever,” said Howard Schultz, CEO of Starbucks Corp. ‘s.
The program is the latest effort by Schultz to address the country’s economic problems. In August, sent more than 200,000 Starbucks employees a note urging them to do what they can to help businesses thrive. So, I asked the fellow CEOs to stop contributing to political campaigns until the leaders of the nation came to a long-term economic solution. After that, he hosted a national forum for phones, buying full-page ads in major newspapers and the two started a website, Upwardspiral2011.org.
Schultz said he felt a personal responsibility to do something to stimulate the U.S. economy. Starbucks is hiring about 200 people a day in the U.S. as part of its efforts to remodel stores thousands and add about 200 more seats in next year. However, Schultz said he wanted to do something else.
Starbucks is covering operating costs for loans through the program, which will last indefinitely. Its charitable arm, The Starbucks Foundation is giving $ 5 million and to get the program started, hoping that the funds be invested in communities within a month of a donation was made.
Opportunity Finance Network works with 180 financial institutions – banks, credit unions, loan funds and venture capital funds – which make loans in low-income communities without easy access to credit. The organization, created 27 years ago and has invested 23.2 billion and generated nearly 300,000 jobs by 2009.
Loans through the network have supported everything from charter schools to supermarkets nationwide. The organization found that even during the recession, more than 98 percent of the money borrowed is paid, which is consistent with traditional lenders.
Through the program, companies will apply to financial institutions, which together with Opportunity Finance Network will assess your potential to add jobs. Preference will be given to applicants who are creating jobs in six months. An external organization will audit the program within a year.
“We want to match all those who have and 5 to share with all people who can not save and 5,” said Mark Pinsky, president of the Opportunity Finance Network.
The effort has the potential to succeed, say some experts. Community institutions to succeed, they say, because they understand the needs in the areas they serve.
“I think it is a truly worthy effort,” said Mark Zandi, chief economist at Moody Analysis. “In theory, this is a great idea and should have an impact.”
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