Could you spare an extra $5 for a cup of joe?
That’s what Starbucks will be asking its customers starting Nov. 1 in a bid to collect donations of $5 or more to help spur U.S. job growth.
The world’s largest java chain announced Monday that it is starting a fund called “Create Jobs for USA” in collaboration with the Opportunity Finance Network, a nonprofit that gives loans to small businesses and community groups. Starbucks didn’t indicate how much it aims to raise but said that all of the proceeds will go to loans for job creation organizations.
CEO Howard Schultz said the fund was created in response to frustration about political dysfunction in Washington. He called on people in positions of power to “put their feet in the shoes of people who are being left behind.”
“Business leaders need to do more -- we can’t wait for Washington,” Schultz said.
The fund will include a $5 million donation from the Starbucks Foundation.