Starbucks has committed to investing $100 million in local nonprofits and small businesses in communities with historically limited access to capital.&nbsp;&nbsp;

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Dr. Noël Mensah-Bonsu could not be more proud of who her son is now: 15 years old, 6 feet 1 inch tall, straight As his first semester of high school, tuba player in the marching band, easy going and kind.&nbsp;&nbsp;

It’s where he started though, that’s given her perspective.&nbsp;&nbsp;

“When my son was born (at 23 weeks, four months premature), we had to confront the idea that he had a 50-50 chance of living, and he had a 95 percent chance of having a significant difficulty,” she remembers. “He was on oxygen until he was 12 months old, and had a feeding tube, and all of those things.&nbsp;

“It was kind of a reevaluation of what’s important.”&nbsp;&nbsp;

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Inspired by how far he’s come, and the lessons she learned while raising him, Mensah-Bonsu recently pivoted off her path as a long-time hospital-based doctor onto a more unconventional route.&nbsp;&nbsp;

In January, Mensah-Bonsu launched <a href="https://www.thedevelopmentaljourney.com/" target="_blank" rel="noreferrer noopener">The Developmental Journey</a>, a mobile-care clinic and small business based in Missouri City, Texas, run out of her 24-foot RV, a Coachman Freelander named Georgia Jo. She travels to see and evaluate children in the greater Houston area with learning, developmental or behavioral differences.&nbsp;&nbsp;

“Everybody has a different developmental trajectory,” Mensah-Bonsu says, “and our passion in developmental behavioral pediatrics is to see kids and families succeed and meet their developmental maximum, whatever that is.”&nbsp;&nbsp;

Mensah-Bonsu started her business with help from <a href="https://peoplefund.org/" target="_blank" rel="noreferrer noopener">PeopleFund</a>, a Community Development Financial Institution (CDFI) in Houston. PeopleFund is supported in part by the <a href="https://stories.starbucks.com/press/2022/starbucks-selects-seven-local-lenders-for-first-round-of-community-resilience-fund/" target="_blank" rel="noreferrer noopener">Starbucks Community Resilience Fund, a commitment to invest $100 million by 2025</a> in small businesses and local nonprofits in communities with historically limited access to capital.&nbsp;&nbsp;

Since the initiative launched in 2021, Starbucks has allocated $37 million towards that goal.&nbsp;&nbsp;&nbsp;

<a href="http://cdfifund.gov/" target="_blank" rel="noreferrer noopener">CDFIs are mission-driven financial institutions</a> that in general, offer coaching, connections and credit to borrowers in communities underserved by traditional financing. The severe impacts of COVID-19 on communities of color have highlighted the critical role that CDFIs play in supporting neighborhoods. In turn, Starbucks is investing in CDFIs to support equity and economic growth in the communities it serves.&nbsp;&nbsp;

PeopleFund helped Mensah-Bonsu turn her vision into reality with a $50,000 loan, a $5,000 grant and entry into a small-business accelerator program that provided three months of training in business development, access to a mentor and a network of support.&nbsp;&nbsp;

“I had 20 years of medical jargon in my head, but absolutely no idea about small business,” says Mensah-Bonsu, also an assistant professor at Baylor College of Medicine. “I had looked up all this information and spoken to people but I didn’t have a plan in place for the steps to take. So I really liked the educational approach.”&nbsp;&nbsp;

“I thought the best way I could serve the community would be to show up at their house,” she says. “It’s a nice space inside, people come in and feel comfortable, I have developmentally appropriate everything. It’s a fun adventure.”&nbsp;

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The advantages to being mobile are many, Mensah-Bonsu says. She’s visited children as far as 90 miles away. Parents don’t have to waste time fighting traffic. And families benefit from being in a more comfortable environment, whether it’s their own home or even a nearby park.&nbsp;&nbsp;

Mensah-Bonsu also knows that for many families, finding the right information is hard and navigating big medical systems can be scary. She remembers seeking a behavioral health evaluation for her son when he was in kindergarten. But the wait list was 18-months long. That frustrated her so much she decided to undergo three additional years of training and become a behavioral-development pediatrician herself.&nbsp;&nbsp;&nbsp;

“So many parents have the same difficulties I had,” Mensah-Bonsu says. “Having been there and done that, I am now in a position to share wisdom, hope and encouragement to other parents of exceptional children.&nbsp;

“I’m on the other end of it, because my son is successful. And I love encouraging other parents. This gets better. Be patient. Your child is going to be okay. You’re doing a great job.”&nbsp;

Starbucks Community Resilience Fund investments are focused on 12 U.S. metro 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. To learn more about Starbucks continued commitment to our purpose-driven mission and making substantial change in the communities we serve, visit <a href="https://stories.starbucks.com/stories/the-starbucks-foundation/" target="_blank" rel="noreferrer noopener">here</a>.&nbsp;

Noël Mensah-Bonsu

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Stories to inspire and nurture the human spirit

Starbucks Stories

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The impact of Starbucks community investments: mobile clinic brings care to kids

Starbucks has committed to investing $100 million in local nonprofits and small businesses in communities with historically limited access to capital.

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From the beginning, Starbucks set out to be a different kind of company, guided by a belief that the pursuit of profit is not in conflict with the pursuit of doing good. We also know that small businesses are key to healthy communities. From a $100 million investment in our Community Resilience Fund to working with hundreds of vendors of all sizes and categories within our supply chain we are committed to dedicating resources to support small businesses and strengthen the communities we serve.

Working with others to advance economic opportunity in our communities

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We believe in the power of public-private partnerships to support communities. By sharing insights from our long history of community-based programs and initiatives and collaborating with others, we hope to create broader impact on racial equity and wealth creation across the country.

Starbucks is proud to join the Economic Opportunity Coalition, a newly formed public-private partnership with several federal agencies to address economic disparities and accelerate economic opportunity in historically marginalized communities. The Coalition will coordinate across public, private, and social services sectors to develop and collaborate on new services, programs and products that will support deploying resources where they are most needed.

Starbucks leadership on the Community Resilience Fund and broader inclusion &amp; diversity commitments support the coalition’s efforts in investing in CDFIs and MDIs and supporting entrepreneurs and minority-owned businesses.

In <a href="https://stories.starbucks.com/press/2021/starbucks-expands-initiatives-to-advance-opportunity-equity-and-inclusion-in-the-communities-it-serves/">January 2021</a>, Starbucks announced new initiatives as part of a long-standing commitment to use our scale and platform to positively impact the communities we serve. One part of that is our commitment to invest $100 million to launch the Starbucks Community Resilience Fund. The Fund aims to advance racial equity and environmental resilience by supporting small business growth and community development projects in Black, Indigenous and People of Color (BIPOC) communities with historically limited access to capital. The investments 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.

In partnership with community leaders, Community Development Financial Institutions (CDFIs) and other impact-focused financial institutions, the Fund will help provide access to capital intended to support small businesses and neighborhood projects, including those addressing the inequitable impacts of climate change.

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Meet the <a href="https://stories.starbucks.com/press/2022/starbucks-selects-seven-local-lenders-for-first-round-of-community-resilience-fund/">Community Development Financial Institutions</a>

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Community Resilience Fund Frequently Asked Questions

Who are the target recipients?

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What is the Fund’s disbursement timeline?

Are there plans to expand the program beyond the 12 metro areas?

Does the Community Resilience Fund provide grants?

Does Starbucks have any experience making these kinds of investments?

Additional Background on CDFIs

Working with others to advance economic opportunity in our communities&nbsp;

We believe in the power of public-private partnerships to support communities. By sharing insights from our long history of community-based programs and initiatives and collaborating with others, we hope to create broader impact on racial equity and wealth creation across the country.&nbsp;

Starbucks leadership on the Community Resilience Fund and broader inclusion &amp; diversity commitments support the coalition’s efforts in investing in CDFIs and MDIs and supporting entrepreneurs and minority-owned businesses.&nbsp;&nbsp;

Supplier diversity and inclusion

Since 1998, Starbucks has been committed to providing an environment where diverse suppliers have an equal opportunity to compete for our business. The Starbucks Supplier Diversity and Inclusion program drives inclusion of qualified businesses with a focus on suppliers of all sizes and categories. In FY21, we spent nearly $800 million with diverse suppliers, supporting more than 6,400 jobs and contributing to $1.2 billion in total direct, indirect and induced economic impact nationwide.

To continue this commitment we have set goals to increase our annual spend with diverse suppliers to $1.5 billion by 2030. As part of this commitment we will work with other organizations with the aim to lead, influence and shape supplier diversity excellence globally.

To ensure accountability and track progress we will share annual updates on progress towards these commitments. To learn more, visit <a href="https://www.starbucks.com/business/supplier-diversity/">starbucks.com/business/supplier-diversity/.</a>

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Starbucks Community Resilience Fund supports small business growth and community development projects in Black, Indigenous and People of Color (BIPOC) communities.

Starbucks support of small businesses

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Starbucks Community Resilience Fund support small business growth and community development projects in Black, Indigenous and People of Color (BIPOC) communities.

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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 (to date Starbucks has invested $37 million).

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&nbsp;

Accion Opportunity Fund (National) is&nbsp;one of the nation’s leading nonprofit Community Development Financial Institutions focused on small business lending, business advising and supporting diverse communities.&nbsp;Accion Opportunity Fund works to&nbsp;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.&nbsp;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.&nbsp;

“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.” —&nbsp; 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&nbsp;

IFF (Detroit, Mich.) is&nbsp;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,&nbsp;childcare&nbsp;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.&nbsp;

“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&nbsp;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,&nbsp;helping&nbsp;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.&nbsp;

“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.”&nbsp;— Bulbul Gupta, President and Chief Executive Officer, Pacific Community Ventures

PeopleFund&nbsp;(Houston, Texas) is a nonprofit Community Development Financial Institution creating economic&nbsp;opportunity&nbsp;for underserved communities in Texas. The organization provides access to capital, education and other resources to build healthy small businesses. Over the years&nbsp;PeopleFund&nbsp;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&nbsp;low- and moderate-income&nbsp;communities.&nbsp;

“In 2021,&nbsp;PeopleFund&nbsp;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.

These Community Development Financial Institutions (CDFIs) focus on supporting equity and economic growth in BIPOC communities.

Starbucks selects seven local lenders for first round of Community Resilience Fund

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SEATTLE -- Today Starbucks (NASDAQ: SBUX) announced new initiatives as part of its long-standing commitment to use its scale and platform to positively impact the communities it serves. The company will invest $100 million to launch the Starbucks Community Resilience Fund focused on supporting small businesses and community development projects in Black, Indigenous and People of Color (BIPOC) neighborhoods. In addition, Starbucks is partnering with the Smithsonian’s National Museum of African American History and Culture (NMAAHC) to share the museum’s educational resources and digital volunteer opportunities.

“Starbucks has always been a company focused on caring for our partners, creating experiences for our customers and playing a positive role in our communities and throughout society,” said Kevin Johnson, Starbucks president and ceo. “We are excited to make this investment as it aligns with our Mission and Values and supports our aspiration to advance equity and opportunity in the communities we serve.”

Advancing racial equity and environmental resilience

By 2025, the Starbucks Community Resilience Fund will invest $100 million to advance racial equity and environmental resilience by supporting small business growth and community development projects in neighborhoods with historically limited access to capital. The investments 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.

In partnership with community leaders, Community Development Finance Institutions (CDFIs) and other impact-focused financial institutions, the Fund will help provide access to capital intended to support small businesses and neighborhood projects, including those addressing the inequitable impacts of climate change.

As part of the initiative, Starbucks will work with partners like the Opportunity Finance Network to allocate funds to local CDFIs that will provide borrowers with access to capital, ongoing mentorship and technical assistance.

“Starbucks is investing in the survival of small business by working with CDFIs in key cities across America. CDFIs deliver affordable credit as well as training on disaster recovery and rebuilding – and that is exactly what small businesses need right now to withstand ongoing economic and climate changes,” said OFN President and CEO, Lisa Mensah. “With partners like Starbucks and CDFIs, these small businesses will have a fighting chance to recover, rebuild, hire workers and serve their local economy.”

The effort expands on Starbucks 2019 commitment to <a href="https://stories.starbucks.com/press/2019/starbucks-invests-10-million-in-small-business-in-chicago/">invest $10 million in four Chicago-based CDFIs</a>: Accion Chicago, Chicago Community Loan Fund (CCLF), IFF and Local Initiatives Support Corporation (LISC).

"As Chicago continues down the road to recovery from the COVID-19 pandemic, Starbucks commitment to bettering the cities and communities they serve has been incredibly invaluable," said Chicago Mayor Lori E. Lightfoot. "Thanks to their investment, Chicago's CDFIs, such as Accion, CCLF and more, will be able to both continue the necessary work of increasing access to funding for our small businesses – especially those located in neighborhoods struggling with historic disinvestment – and support our ongoing, citywide efforts to provide COVID relief grants to our business community. I remain immensely grateful to Starbucks for their dedication to uplifting our neighborhoods – work that aligns with our city's INVEST South/West initiative."

<a href="https://www.greenerachicago.com">Green Era Sustainability</a> was among the first organizations to receive loans from CDFIs that Starbucks invested in last year. Green Era has been raising funds to construct a sustainable campus in the Auburn Gresham neighborhood of Chicago. The campus will include a 2-acre clean energy generation facility, an urban farm, green houses, an outdoor fresh produce market, a visitor center with classrooms for community activities and a STEM education center. Among other positive impacts to the community, Green Era is expected to create 247 construction jobs and 25 permanent jobs.

“Starbucks investment means we’ve been able to drive more capital to small businesses and nonprofits that are innovating and providing critical services in local communities,” says Matthew Roth, IFF President of Core Business Solutions, who leads the agency’s CDFI wing. “The pandemic has highlighted how important CDFIs are in the financial ecosystem, ensuring capital reaches non-profits and small businesses serving low-income communities that are traditionally left out of mainstream finance.”

CDFIs often collaborate with multiple lenders to make large projects like Green Era’s sustainable campus possible. Two of Starbucks investees – IFF and CCLF – each made loans to Green Era to support the project, in addition to other impact-focused financial institutions. Additional financing for the project also came from Partners for the Common Good and Reinvestment Fund as well as the local impact investor Benefit Chicago.

“Given the severe impact of the pandemic on the long-disinvested communities CCLF serves, our lending is more important than ever to help these communities grow and thrive,” said Bob Tucker, Chief Operating Officer for the Chicago Community Loan Fund. “Our customers have urgent needs, and Starbucks investment in CCLF will help tremendously in bringing them the resources they need.”

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Honoring Dr. Martin Luther King Jr.’s legacy

As part of Starbucks long-standing heritage of honoring Dr. Martin Luther King’s legacy of service, the company announced a collaboration with NMAAHC to share the museum’s digital educational resources and opportunities through Starbucks digital platforms. &nbsp;

As part of the collaboration, Starbucks will invite partners and customers to participate in the Freedmen’s Bureau Transcription Project. Through the project, volunteers can help digitally transcribe handwritten records containing information from newly emancipated Black people during the Reconstruction period. The initiative helps African Americans discover their ancestors and historians better understand the years following the Civil War. These records will be used later in a museum exhibition planned for 2021 on the Reconstruction Era.

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The partnership builds on the company’s ongoing <a href="https://stories.starbucks.com/stories/2020/starbucks-announces-new-commitments-to-advance-racial-and-social-equity/">commitment to promote racial and social equity</a> on behalf of its partners and communities it serves.

Starbucks customers can access the <a href="https://stories.starbucks.com/stories/2021/starbucks-partners-with-national-museum-of-african-american-history-and-culture/">museum’s content</a> through the Starbucks App and Starbucks Stories beginning January 12 through February.

Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high-quality&nbsp;arabica&nbsp;coffee. Today, with more than 32,000 stores around the globe, the company is the premier roaster and retailer of specialty coffee in the world. Through our unwavering commitment to excellence and our guiding principles, we bring the unique&nbsp;Starbucks Experience&nbsp;to life for every customer through every cup. To share in the experience, please visit us in our stores or online at&nbsp;<a href="http://www.starbucks.com">www.starbucks.com</a>.

Forward-Looking Statements

Certain statements contained in this press release are “forward-looking” statements within the meaning of the applicable securities laws and regulations. Generally, these statements can be identified by the use of words such as “continue,” “could,” “expect,” “intend,” “may,” “plan,” “should,” “will,” “would,” and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These statements include statements relating to: the anticipated timing, scope and effects of our initiatives and our continued investment plans. These forward-looking statements do not represent historical data, are based on currently available operating, financial and competitive information and are subject to a number of significant risks and uncertainties. Actual future results and trends may differ materially depending on a variety of factors, including, but not limited to the risks detailed in the company filings with the Securities and Exchange Commission, including the “Risk Factors” sections of Starbucks Annual Report on Form 10-K for the fiscal year ended September 27, 2020. The company assumes no obligation to update any of these forward-looking statements.

The company will invest $100 million to launch the Starbucks Community Resilience Fund focused on supporting small businesses and community development.

Starbucks expands initiatives to advance opportunity, equity and inclusion

Starbucks expands initiatives to advance opportunity, equity and inclusion in the communities it serves

https://stories.starbucks.com/press/2021/starbucks-expands-initiatives-to-advance-opportunity-equity-and-inclusion-in-the-communities-it-serves/

The company will invest $100 million to launch the Starbucks Community Resilience Fund focused on supporting small businesses and community development projects.

Starbucks Community Resilience Fund

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