Starbucks’ plans to perk up small business lending
Not many corporations seem to have heeded the call of Starbucks’ chief executive Howard Schultz when he called a halt to donations until Congress learned to play nice with one another, so rather than focus on the political machine, Schultz has decided to bring help directly to the small business that create jobs.
In conjunction with Community Development Financial Institutions (CDFI), Starbucks will seek donations from its huge customer base to finance small business lending.
Here’s the idea they came up with: Americans themselves would start lending to small businesses, with Starbucks serving as the middleman. Starbucks would find financial institutions willing to loan to small businesses. Starbucks customers would be able to donate money to the effort when they bought their coffee. Those who gave $5 or more would get a red-white-and-blue wristband, which Schultz labeled “Indivisible.” “We are hoping it will bring back pride in the American dream,” he says. The tag line will read: “Americans Helping Americans.”
Surely a better investment than the five-dollar debit fee to Bank of America, right?
Filling the cup of small business.
Photo credit: FotoliaPosted by Kate Rinsema