Starbucks Coffee Company and Opportunity Finance Network today announced that the Create Jobs for USA Fund has surpassed $1 million in donations within the first two weeks of the program’s Nov. 1 launch.
To date, $6 million has been contributed to the Create Jobs for USA Fund, which includes a $5 million donation from the Starbucks Foundation to seed the initiative.
Every $5 donation can lead to approximately $35 in loans to small businesses, with community lenders issuing $30 in financing, on average, for each donation through their respective financing sources. As a result, the more than $6 million in donations to date may create as much as $42 million in small business loans.
“It’s inspiring to see Americans coming together to play a role in helping create and sustain jobs,” said Howard Schultz, Starbucks chairman, president and CEO. “Since launching this initiative less than two weeks ago, concerned citizens are already making a difference in helping get Americans back to work. We are optimistic that this initial response will continue through the holidays and into 2012.”