Starbucks selects seven local lenders for first round of Community Resilience Fund
These organizations focus on advancing small business growth and community development projects in BIPOC communities across the country
In January 2022 Starbucks selected the first seven Community Development Financial Institutions (CDFIs) to receive funding as part of the company’s Community Resilience Fund.1 With this first round, Starbucks is investing $21 million across these organizations to support equity and economic growth in the communities it serves.
Meet the Organizations
ACE | Access to Capital for Entrepreneurs, Inc. (Atlanta, Ga.) is a mission-driven nonprofit lender that has supported over 2,000 businesses to create and retain more than 14,000 jobs in Georgia for two decades. ACE provides loans and business development services with a focus on diverse entrepreneurs - persons of color, women and low to moderate income individuals. These services include coaching and providing capital to sustain their businesses, retain their employees and thereby support their local communities.
“Our partnership with Starbucks will allow ACE to continue our critical work of capitalizing businesses of varying size and scope. Starbucks capital investment is timely, and the partnership will support ACE’s mission and vision of growing small businesses, spurring economic growth, and creating wealth within communities. In 2021, ACE deployed more than $32 million in affordable lending capital and provided 18,000+ hours of business advisory – which represents historic volume for our CDFI. With 87% going to underserved small businesses, it highlights our ability to move capital quickly and meet diverse small businesses where they are as the economic impacts of the pandemic linger.” – Martina Edwards, Chief of Strategic Partnerships, Access to Capital for Entrepreneurs
Accion Opportunity Fund (National) is one of the nation’s leading nonprofit Community Development Financial Institutions focused on small business lending, business advising and supporting diverse communities. Accion Opportunity Fund works to create an inclusive, healthy financial system that supports the nation's small business owners by connecting entrepreneurs to affordable capital, educational resources, coaching, and networks. Opportunity Fund Community Development is the lending arm of Accion Opportunity Fund, California Finance Lender license #6050609.
“Small businesses have a tremendous impact on local communities, driving economic growth and creating job opportunities. This partnership with Starbucks will reinforce Accion Opportunity Fund’s mission to advance financial equity and inclusion for the nation’s smallest businesses.” — Luz Urrutia, CEO, Accion Opportunity Fund
Created in 1987, Black Business Investment Fund’s (BBIF) (Miami, Fla.) mission is to develop and promote Black business enterprises through education, training, loans, investments and other activities. In tandem, BBIF invests in promoting an atmosphere conducive to the development of Black businesses. A mission-driven lender, BBIF helps communities and businesses thrive by providing loan capital and specialized financial technical assistance services. Since its inception, BBIF has provided over $62 million in loans to more than 800 businesses and leveraged $292 million in New Markets Tax Credit community investments. BBIF’s investments have helped to create and sustain over 17,800 jobs.
“Through this Starbucks partnership and investment, Black Business Investment Fund is excited to continue to expand our work and support to Black businesses in the Miami metropolitan area, providing affordable, creative, and flexible capital, while impacting job growth and promoting business resiliency.” — Inez Long, President and CEO, Black Business Investment Fund
“This is not our first time engaging with Starbucks to create change in our community – BBIF was a Create Jobs for USA grantee in 2011. Having Starbucks continued support of BBIF’s intentional work and unique mission underscores the critical importance of CDFIs, particularly in BIPOC communities.” — Jasmine Gebon, VP of Strategic Initiatives, Black Business Investment Fund
IFF (Detroit, Mich.) is a mission-driven lender and real estate expert that works at the nexus of facilities and finance to help community organizations achieve their missions by creating safe, inspiring physical spaces. IFF works across many sectors, including human service agencies, schools, childcare providers, community health centers, housing developers, and grocery stores. They are guided by a commitment to be an inclusive, anti-racist and anti-oppressive institution that honors communities as asset-rich and as experts in their own stories. IFF serves the Midwest, including Detroit, where IFF has deployed over $100 million in loans to support community organizations since the Detroit office was established in 2014.
“Since our founding, IFF has been working hard to overcome the systemic barriers to accessing capital by redefining how we assess risk and seeing all that communities have to offer rather than all that they lack. This is especially salient for a city like Detroit, which is 78% Black and has struggled to overcome structural challenges like low appraisal values for decades. Where some investors see risk and challenges, IFF sees a rich, vibrant history with everyday heroes working to improve their communities. The low-cost, patient capital from Starbucks is critical in helping IFF support community organizations bring quality services and jobs to local residents.” — Chris Uhl, Executive Director of Eastern Region, IFF
Pacific Community Ventures (PCV) (Los Angeles and San Francisco Bay Area, Calif.) is a 501(c)(3) nonprofit community investor that envisions a world of thriving communities where everyone has a fair shake. Their mission is to invest in addressing racial and gender wealth gaps, and build community wealth by investing in small businesses, helping them create good jobs for working people, and making markets work for the common good. They achieve their mission through a “Good Jobs, Good Business” model that combines affordable loans with pro-bono advising, small grants, and tools and incentives to create dignified good jobs. Through September 2021, 84% of PCV’s loan capital has gone to women- and/or BIPOC-owned businesses, and 85% has gone to small businesses located in economically distressed areas.
“When the pandemic hit, we saw demand for our capital leap almost 10,000 percent, with loan inquiries totaling $172 million. This impact capital from Starbucks will allow us to continue delivering restorative capital to underestimated entrepreneurs who are facing the end of federal and state relief programs, to shape a more inclusive recovery ahead.” — Bulbul Gupta, President and Chief Executive Officer, Pacific Community Ventures
PeopleFund (Houston, Texas) is a nonprofit Community Development Financial Institution creating economic opportunity for underserved communities in Texas. The organization provides access to capital, education and other resources to build healthy small businesses. Over the years PeopleFund has deployed almost $200 million in loans and grants helping more than 4,500 small businesses create or retain 15,000 jobs. 65% of participants in PeopleFund’s programs are minority and 70% live in or serve low- and moderate-income communities.
“In 2021, PeopleFund launched the BIPOC Small Business Accelerator, a permanent program with the goal of graduating 20 people of color per quarter with the tools, capital and network they need to establish and grow their businesses. This partnership with Starbucks will make a long-lasting positive impact in our communities ensuring that more business owners than ever have access to what they need to succeed and attain financial stability.” — Gustavo Lasala, Chief Executive Officer, PeopleFund
At TruFund (Atlanta, Ga., Houston, Texas, New Orleans, La., New York, NY), it is our commitment and mission to help historically disadvantaged individuals and communities create thriving and resilient small businesses and entrepreneurial ecosystems in order to close racial and economic disparities and ensure an inclusive and equitable society. TruFund works to achieve this mission by combining comprehensive business development services with capital investments to generate economic opportunity, build wealth and create livable wage employment opportunities.
“This partnership with Starbucks willhave a myriad of positive benefits and will drive impactful and innovate solutions that will create access to affordable capital and advisory services for BIPOC business owners. We strongly believe that access to capital and business advisory services is critical to growing resilient small businesses and sustaining vibrant communities. This partnership moves us beyond the power of one to the power of team to foster inclusive economies and help close the racial wealth gap.” — James H. Bason, President and CEO of TruFund Financial Services, Inc.
1The Community Resilience Fund will initially focus on 12 U.S. metropolitan areas and their surrounding regions: Atlanta, Detroit, Houston, Los Angeles, Miami, Minneapolis, New Orleans, New York City, Philadelphia, San Francisco Bay Area, Seattle and Washington D.C.
The cities listed next to the names of the CDFIs below indicate where each CDFI has lending operations across the CRF’s 12 target cities. Each CDFI may have operations outside of the scope of the cities listed.