Starbucks has come a long way!
In a recent announcement, the company announced its commitment to promote racial and social equity through new initiatives which include a $100 million investment to support small business and community development projects in BIPOC neighborhoods across the U.S.
The new initiative will advance racial equity and environmental resilience by investing in impact-focused financial institutions which include Community Development Financial Institutions (CDFIs) who currently support communities with limited access to capital, according a press release.
Starbucks will partner with experts like the Opportunity Finance Network to allocate funds to institutions that support borrowers by providing access not only to capital but technical assistance and ongoing mentoring.
“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 Starbucks President and CEO, Kevin Johnson, in a statement. “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.”
Not only do the new implementations provide access to funds that aren’t readily accessible to the Black community, but Starbucks is helping Black people discover their ancestors and historians better through a partnership with the Smithsonian’s National Museum of African American History and Culture (NMAAHC).
To honor Dr. Martin Luther King, Jr’s legacy, the new partnership with NMAAHC utilizes the museum’s educational resources through both the Starbucks App and Starbucks Stories providing virtual volunteer opportunities to digitally transcribe hand-written records containing information from the newly emancipated Black people during the Reconstruction period.
For more details on the Community Resilience Fund, click here.