to jobs and small
Starbucks plans to invest $10 million to drive economic opportunity in Chicago.
According to a press release, the funds will be dispersed among four Community Development Financial Institutions (CDFI): Accion Chicago, Chicago Community Loan Fund (CCLF), Local Initiatives Support Corporation (LISC), and IFF. The investment is expected to help finance more than 500 loans to foster growth in small business, support community development projects, and create more jobs in Chicago’s underserved communities.
The organizations will also provide borrowers with mentoring and technical assistance to ensure the success of their projects, leveraging more than 150+ combined years of financial expertise and local knowledge to support meaningful, sustainable impact.
“We believe the pursuit of profit is not in conflict with the pursuit of doing good,” says Starbucks CEO Kevin Johnson. “We know that our business performs at its best when the communities we serve are thriving.”
Mayor Lori E. Lightfoot is also pleased with the announcement.
“I applaud Starbucks for their commitment of corporate citizenship and efforts to strengthen the communities in which they serve,” she says. “Chicago’s own relationship with Starbucks stretches over three decades, and we are incredibly excited to continue that partnership well into the future, through the 200 new jobs created in the beautiful new Reserve Roastery.”
Scheduled to open on Chicago’s Magnificent Mile this fall, the Roastery is part of a larger effort that includes the city’s new INVEST South/West initiative.
Meghan Harte, executive director of LISC Chicago, also applauds Starbucks’ activity in the Windy City.
“Our communities are filled with talent, and entrepreneurial spirit,” she says. “Starbucks is supporting a broadly shared prosperity that will deliver clear benefits to residents, while making our neighborhoods safer and stronger.”
To date, LISC Chicago has invested more than $970M in grants, loans and equity throughout the city.
Send your news to Reel Chicago Editor Dan Patton, firstname.lastname@example.org.