Starbucks Broadens Efforts to Advance Racial and Social Equity on behalf of Partners and Communities
Today, Starbucks shared a series of updates on programs and initiatives focused on advancing racial and social equity on behalf of its partners (employees) and communities.
Of note, Starbucks will issue the first round of funding ($21 million) to seven Community Development Financial Institutions (CDFIs) to support small business growth and community development projects in BIPOC communities in 12 U.S. metros and their surroundings areas. This builds on our announcement last year to create a national Community Resilience Fund as an expansion of our previous investment into Chicago-based CDFIs. The Fund will invest $100 million over the next four years to support small businesses and community development projects in BIPOC communities as well as projects that support environmental resilience. The investments will focus on 12 U.S. metros and their surrounding regions including: Atlanta, Detroit, Houston, Los Angeles, Miami, Minneapolis, New Orleans, New York City, Philadelphia, San Francisco Bay Area, Seattle, and Washington D.C. Our announcement marks an important step to ensure small businesses will get access to capital from the institutions that know their communities best.
In addition to our milestone on the Community Resilience Fund, we are announcing our commitment to increase our annual spend with diverse suppliers to $1.5 billion by 2030. As part of this commitment, Starbucks will partner with other organizations to develop and grow supplier diversity excellence globally. To ensure accountability and track progress Starbucks will share annual updates on progress towards these commitments.
We know that small businesses are key to healthy communities. From investing our balance sheet in initiatives that further environmental and social impact to working with hundreds of vendors within our supply chain we are committed to dedicating resources to support small business and strengthen the communities we serve.
We continue to make progress on a wide range of inclusion and diversity initiatives. The Starbucks Foundation shared impact results from its more than $5 million investment in eight nonprofits supporting BIPOC youth. To date, programs funded by grants from The Starbucks Foundation have helped support 100,000 youth across the country. And, we continue to advance our hiring goals focused on increasing BIPOC partner representation and expanding our mentorship program.