Starbucks funding will allow ACE to continue supporting small business growth and community development projects in Black, Indigenous and People of Color (BIPOC) communities with historically limited access to capital.
Atlanta, Georgia. January 11, 2022 – Following the company’s commitment to invest $100 million to launch the Starbucks Community Resilience Fund, Starbucks will issue the first round of funding of $21M to seven community development financial institutions to support small business growth and community development projects in Black, Indigenous and People of Color (BIPOC) communities. The Fund aims to advance racial equity and environmental resilience by supporting small business growth and community development projects in communities with historically limited access to capital.
ACE will join other CDFI’s in originating loans to support equity and economic growth in the communities it serves, made possible by the Fund. Initial investments will 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. The impact on Georgia small businesses will provide an additional $3 million in lending capital to assist minority- and women-owned businesses, as well as Hispanic and Latin business owners in Georgia.
“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 when the fund launched last year. “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.”
ACE | Access to Capital for Entrepreneurs, Inc. 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.
“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
Click here to read the full press release.
###
About Starbucks
Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high-quality arabica coffee. Today, with nearly 34,000 stores worldwide, 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 Starbucks Experience to life for every customer through every cup. To share in the experience, please visit us in our stores or online at http://news.starbucks.com or www.starbucks.com.