Seattle, Wash. Demonstrating its continued commitment to help end the jobs crisis in America, Starbucks Coffee Company (NASDAQ: SBUX) today announced the launch of the Indivisible collection. The collection includes Indivisible Blend™ Coffee and two new products to support Create Jobs for USA, an innovative program enabling Americans to unite in helping Americans get back to work. With each purchase from the Indivisible collection, Starbucks will make a donation to Opportunity Finance Network® (OFN) for the Create Jobs for USA Fund to help create and retain jobs across the country.
Citi Community Development and the Citi Foundation are making a $1 million donation to the Create Jobs for USA Fund. Citi (NYSE: C) is also adding the Create Jobs for USA Fund as a featured charitable fund on the Citi ThankYou® Rewards website, encouraging members of Citi's loyalty program to redeem their ThankYou® Points to make a donation to the initiative.1 Additionally, on Saturday, June 16, nearly 15,000 Citi employees across the United States will wear Indivisible wristbands during volunteer service taking place as part of the company's annual Global Community Day.
The support from Citi builds on donations to date from the Starbucks Foundation, like-minded companies, customers and concerned citizens, bringing the total raised to more than $11.5 million. Because community lenders are able to leverage this capital to secure additional financing – on average, at seven times the donation amount – this money will help create more than $80 million in loans to community businesses focused on creating and sustaining jobs in underserved neighborhoods. Based on conservative forecasting models developed by the Create Jobs for USA Fund manager, Opportunity Finance Network (OFN), with input from independent economists, this lending is expected to help create and sustain nearly 4,000 jobs at a time when national unemployment has remained above eight percent for the past three years.
"In these troubling economic times, we believe that we can all do our part to help make a positive impact on the jobs crisis facing our country. The Create Jobs for USA program is helping thousands of Americans get back to work, and we thank Citi and the other like-minded companies who have refused to be bystanders and instead opted to use their success and scale for good," said Starbucks chairman, president and ceo Howard Schultz. "The Create Jobs for USA Fund is enabling Americans to unite in helping Americans get back to work, and the Indivisible collection provides several new ways for our customers to show their support."
"Citi has long supported community and small businesses by making capital available and connecting business owners to opportunities so they can launch and expand new enterprises throughout the United States," said Citi CEO Vikram Pandit. "As we mark our 200th anniversary this week, our support for the Create Jobs for USA Fund reinforces our commitment to Responsible Finance, one of our company's core principles, and complements Citi's efforts to help small businesses grow, hire and serve the real economy."
The donations to the Create Jobs for USA Fund are already going to work in communities across the country. Read about some of the Create Jobs for USA loan recipients and find out how to get involved at www.createjobsforUSA.org. People can also donate to the program at nearly 7,000 company-operated Starbucks stores in the U.S., or by texting "JOBS" to 80888 to donate $5. Donations by text will not receive a wristband, and a 50 cent transaction fee will be deducted.
Introducing the Indivisible Collection
To give customers even more opportunities to demonstrate their support, Starbucks is introducing the Indivisible collection, which is available at participating Starbucks stores in the U.S. and at www.StarbucksStore.com for a limited time, starting June 12 through July 9. All products are made or roasted in the USA and feature the Indivisible name as a symbol of Americans uniting to help Americans get back to work. For each product purchased from the Indivisible collection, Starbucks will make a donation to the Create Jobs for USA Fund.
In addition to the above Indivisible products, select Starbucks stores will also feature the critically-acclaimed book We Can All Do Better by former U.S. Senator Bill Bradley. This timely and important book lays out Bradley's passionate and powerful review of the state of the nation, and presents solutions around issues including job creation. Bradley is an 18-year New Jersey Senator, financial and investment adviser, Olympic and NBA athlete, national radio host and bestselling author. The book retails for $24.99 but will sell for $19.99 at select Starbucks stores, and for each purchase made, publisher Perseus Books Group will make a $5 donation to OFN for the Create Jobs for USA Fund.
Starbucks stores continue to offer the red, white and blue Indivisible wristband. Donors who contribute $5 or more to the Create Jobs for USA Fund at U.S. company-operated Starbucks stores or online at www.createjobsforUSA.org will receive the wristband to serve as a symbol of their support. More than 650,000 wristbands have been distributed to concerned citizens across the country so far.
Create Jobs for USA Results
Starbucks and OFN teamed up to launch the Create Jobs for USA Fund in November 2011 to help address the jobs crisis. Contributions to the Create Jobs for USA Fund are awarded as capital grants to help create and sustain jobs in underserved communities throughout America. OFN, a nationwide network of 195 Community Development Financial Institutions (CDFIs), is overseeing the Create Jobs Fund to provide financing to CDFIs so they can provide loans to community businesses — including small businesses, microenterprises, nonprofit organizations, commercial real estate developers, and affordable housing developers.
The money raised for the Create Jobs for USA Fund is already helping to create and sustain jobs through loans to these community businesses during a time with alarming unemployment. The program has already made a difference in helping to jumpstart the economy by
Small business owners interested in learning more or applying for a loan should visit www.opportunityfinance.net/findacdfi.
1 Effective June 15, 2012
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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The Citi Foundation
The Citi Foundation is committed to the economic empowerment and financial inclusion of low- to moderate-income individuals and families in the communities where we work so that they can improve their standard of living. Globally, the Citi Foundation targets its strategic giving to priority focus areas: Microfinance, Enterprise Development, College Success, and Financial Capability and Asset Building. In the United States, the Citi Foundation also supports Neighborhood Revitalization programs. The Citi Foundation works with its partners in Microfinance, Enterprise Development, and Neighborhood Revitalization to support environmental programs and innovations. Additional information can be found at www.citifoundation.com.
Citi Community Development
Citi Community Development (CCD) is leading Citi's commitment to achieve economic empowerment and growth for underserved individuals, families and communities by expanding access to financial products and services, and building sustainable business solutions and innovative partnerships. Our focus areas include: commercial and philanthropic funding; innovative financial products and services; and collaborations with institutions that expand access to financial products and services for low-income and underserved communities. For more information, please visit www.citigroup.com/community.
Starbucks Coffee Company
Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting the highest-quality Arabica coffee in the world. Today, with stores around the globe, 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 www.starbucks.com.
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Opportunity Finance Network
Opportunity Finance Network (OFN) is the national network of Community Development Financial Institutions (CDFIs)—private financial institutions that are 100 percent dedicated to delivering responsible, affordable lending to help low-income, low-wealth, and other disadvantaged people and communities join the economic mainstream. More information is available at: www.opportunityfinance.net.