WASHINGTON — Venti blended no-whip one-pump soy with a shot of job creation.
That’s a new mantra for Starbucks, which this week unveiled a new program it says will create jobs.
In the style of the distinctive LIVESTRONG yellow bracelets and their fundraising campaign, the java giant started selling its own wrist jewelry on Tuesday. The stretchy red, white and blue bands with a metal clasp emblazoned with “indivisible” cost $5.
Proceeds for the “Create Jobs for USA” campaign go to the Opportunity Finance Network. The group of 180 community development financial institutions lends to small businesses — considered the cradles of job creation.
The initiative expects these businesses will hire new employees if they have money to spend.
“We have a crisis of confidence in this country. Washington is not producing the leadership we need and I think it is time that corporations and business leaders realize that we too have to do something. We can’t wait for Washington,” Starbucks CEO Howard Shultz told CNN Money. “So this, in a sense, is using Starbucks’ scale for good.”
For every $5 donated, a community development financial institution will be able to lend $35. CDFIs are organizations the Treasury Department has certified to provide low-interest loans.
“It’s going really well,” a Starbucks district manager who oversees more than 20 area stores told WTOP. Customers find it satisfying to buy in to a corporation that’s helping to create jobs, she says.
“We’re really proud of Howard,” she says.
Schultz tells CNN the initiative isn’t just about the marketing.
“This is not about Starbucks. This is about us saying to ourselves, ‘We can’t sit by and be a bystander any longer,'” Schultz told CNN. “It is about investing back into America.”
Roughly 6,800 locations around the country are vending the bracelets. For a map of the Starbucks nearest you, follow this link.
WTOP’s Paul D. Shinkman contributed to this report.Follow Paul and WTOP on Twitter.
(Copyright 2011 by WTOP. All Rights Reserved.)
