Starbucks Invests in BBIF for Miami's Small Businesses

Starbucks invests in BBIF to bring access to capital and promote business resiliency to Black-owned businesses in Miami.

In January 2021, Starbucks committed $100 million to launch the Starbucks Community Resilience Fund. The fund is designed to support small business growth and community development projects in areas with limited access to capital, helping to strengthen local economies and promote long-term sustainability.

The investments will initially focus on 12 U.S. metropolitan areas and their surrounding regions: Atlanta, Detroit, Houston, Los Angeles, Miami, Minneapolis, New Orleans, New York City, Philadelphia, San Francisco Bay Area, Seattle and Washington D.C.

In partnership with community leaders, Community Development Financial Institutions (CDFIs), and other mission-driven financial institutions, the Fund will provide capital to support small businesses and neighborhood projects, including those focused on addressing the effects of climate change.

“These commitments are in addition to the actions we’ve already taken on the realization of our vision to create a more welcoming Starbucks,” said Dennis Brockman, Starbucks executive, in a letter to partners. “We all have a role to contribute and it’s with that purpose in mind that we continue to invest in these areas for all partners. Learning comes by doing, and that’s what we are committed to.” As a recipient of the Fund, BBIF continues to strengthen its partnership with Starbucks in a way that will be meaningful for small businesses in Miami.

“Through this Starbucks partnership and investment, BBIF is excited to continue to expand our work and support to small businesses in the Miami metropolitan area,” said Inez Long, President and CEO of BBIF. “Their support will help us as we continue to provide affordable, creative, and flexible capital while impacting job growth and promoting business resiliency.”

"This is not our first time partnering with Starbucks to drive positive change," said Jasmine Gebon, VP of Strategic Initiatives, BBIF. "BBIF was a Create Jobs for USA grantee in 2011. Starbucks’ continued support of BBIF’s mission highlights the vital role CDFIs play in expanding access to capital and strengthening small businesses."

About BBIF Created in 1987, BBIF provides loan capital, financial technical assistance, and business development services to support business owners. As a mission-driven lender, BBIF helps businesses grow by offering capital solutions and specialized guidance tailored to their needs. BBIF is a CDFI (Community Development Financial Institution) and CDE (Community Development Enterprise) certified by the U.S. Department of the Treasury CDFI Fund. The organization is also a Community Advantage and Micro Loan lender certified by the U.S. Small Business Administration, a Money Smart for Small Business collaborator with the Federal Deposit Insurance Corporation (FDIC), and holds an AERIS rating of triple star, A.

Since its inception, BBIF has provided over 1,185 loans totaling $103.6 million and received over $200MM in New Markets Tax Credit (NMTC)  awards, for a leveraged impact of over $625 million in NMTC investments. These efforts have created/retained over 15,000 jobs, while maintaining a historical loan loss rate of 4.08%. Learn more at www.BBIF.com.

About Starbucks Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high-quality arabica coffee. Today, with nearly 34,000 stores worldwide, 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 http://news.starbucks.com or www.starbucks.com.