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Starbucks Tips to Fund Startups
Howard Schultz is giving new meaning to “start me up.” The increasingly activist Starbucks Corp. chief executive officer is taking donations online and through Starbucks cafes to create a small business lending fund. The company will donate $5 million in seed money to give the project, umm, a jolt.
That money can be leveraged seven times into $35 million worth of loans. And ultimately, Schultz said today in a meeting with Bloomberg View editors, he hopes to raise millions more for the project, “Create Jobs for USA.”
Beginning Nov. 1, donors who give at least $5 will get a red, white and blue bracelet bearing the message “Indivisible.” Mark Pinsky, the president and CEO of Opportunity Finance Network, a Philadelphia group that runs a network of 180 community-based lenders, will oversee the actual lending.
Photo by Ann Althouse.
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Dee Dee on October 5th, 2011 5:37 pm
I think this could be a great opportunity for micro-enterprise businesses –businesses that need $25,000 or less. I applaud Starbucks for their effort; however, businesses that need substantially more money to start and operate need other alternatives due to the difficulty of acquiring bank loans. Companies and entrepreneurs should consider alliances with other companies to secure resources, cut costs and grow revenue.
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