According to a press release, the funds will be dispersed among four Community Development Financial Institutions (CDFI): Accion Chicago, Chicago Community Loan Fund (CCLF), Local Initiatives Support Corporation (LISC), and IFF. The investment is expected to help finance more than 500 loans to foster growth in small business, support community development projects, and create more jobs in Chicago’s underserved communities.
The organizations will also provide borrowers with mentoring and technical assistance to ensure the success of their projects, leveraging more than 150+ combined years of financial expertise and local knowledge to support meaningful, sustainable impact.
“We believe the pursuit of profit is not in conflict with the pursuit of doing good,” says Starbucks CEO Kevin Johnson. “We know that our business performs at its best when the communities we serve are thriving.”
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