Starbucks says New Orleans will benefit from its $100 million initiative to boost small businesses and community development in BIPOC communities across the U.S.
The Community Resilience Fund will help financial institutions provide underserved borrowers with access to capital to support small businesses and neighborhood development projects, including those that address the inequitable impacts of climate change, a news release said.
Starbucks says it will work with industry experts like the Opportunity Finance Network to allocate funds to these intuitions that support borrowers through providing access to capital, technical assistance and ongoing mentoring.
The company said it selected the New Orleans area as one of the most racially and ethnically diverse regions in the U.S. The metro area is one of 11 that Starbucks is focusing on initially. The others include Atlanta, Detroit, Houston, Los Angeles, Miami, Minneapolis, New York City, Philadelphia, the San Francisco Bay area, Seattle and Washington, D.C.
The effort follows the company’s 2019 initiative that invested $10 million in four Chicago-based CDFIs.
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