Starbucks Tips to Fund Startups

Photo by Ann Althouse


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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