Community Capital New York is one of the CDFIs selected to receive a Create Jobs for USA grant from the Starbucks Foundation. Starbucks, in partnership with Opportunity Finance Network© (OFN), created the Create Jobs for USA initiative in 2011 to provide capital grants to select Community Development Financial Institutions who make loans to community businesses and create jobs in their local communities. The initiative was kicked off by a $5 million donation from Starbucks and has now grown to over $13 million through the participation of consumers who have purchased an “Indivisible” bracelet, CD or “to go” cup at one of the 17,000 Starbucks locations nationwide. Profits from the sale of these items funds the grants that Starbucks is able to make.
These grants have immense impact on the communities they serve because recipients, like Community Capital, have been able to leverage the grants into more than $95 million in loans for underserved community businesses. Recently, Banana Republic, Citibank and Google have joined this initiative in an effort to provide even more critical loan capital to those businesses who are unable to access credit from traditional lenders.