Starbucks Coffee Company’s CEO, Howard Schultz, has long been an active voice in the political sphere, as recently noted with his request to fellow CEOs to boycott campaign donations until Congress puts aside political differences, but now it seems he has decided to take matters into his own hands with his jobs initiative, “Create Jobs for USA”.
On October 3, 2011, Starbucks Coffee Company announced that it is uniting with Opportunity Finance Network (OFN) in an initiative to “Create Jobs for USA”.
As noted by Schultz, small businesses are the backbone of the U.S. economy, providing over half of the U.S. jobs. However, given the economic downturn, many financial institutions are reluctant to extend credit lines to small enterprises. Accordingly, Create Jobs for USA seeks to provide financing to these community businesses.
Starting November 1, Create Jobs for USA will be accepting donations at most of the over 6,800 Starbucks locations. 100 percent of contributions will go to providing financing to help fund loans to community businesses. One contributing five, or more, dollars will receive a complimentary red, white, and blue wristband featuring the message “indivisible” etched on the band as a symbol of a united America for job creation. Additionally, Starbucks has made a $5 million contribution in support of its initiative.