â€œWashington is not doing enough,â€ so businesses have to â€œstep up,â€ Chief Executive Officer Howard Schultz said yesterday in a telephone interview. Customers of the Seattle- based company have given about $2 million to Create Jobs for USA since it was created last year. The Starbucks Foundation seeded the fund with $5 million to finance loans to small businesses.
â€œThese are like-minded companies who recognize that we all must do our part and canâ€™t wait for Washington,â€ he said, declining to name the specific companies, which will be announced later this year.
Since Nov. 1, Starbucks has collected money at its U.S. cafes to help fund small-business loans. It teamed up with Opportunity Finance Network, which represents institutions that provide credit to community businesses, to form â€œCreate Jobs for USA.â€ Through December, the fund has made 278 loans to businesses in the U.S.
Photo by Shinsuke Ikegame