On Monday, Starbucks Corp launched a program aimed at raising money to help spur hiring by small businesses, CNNMoney reported.
 
Create Jobs for USA will give donations collected from Starbucks customers and employees to the Opportunity Finance Network, a group of 180 community development financial institutions.
 
A community development financial institution, CDFI, is a Treasury-certified organization. The Treasury Department gives low-interest government loans and tax credits to these organizations, which specialize in economically developing or underserved markets.
 
“Small businesses are the backbone of America, employing more than half of all private sector workers — but this critical jobs engine has stalled,” said Starbucks chairman and CEO Howard Shultz in a written statement.
 
The number of new jobs depends on coffee drinkers’ generosity — for every $5 donated, the CDFI will lend $35. A new job can be created for every $21,000 loaned, or every $3,000 donated, according to the Opportunity Finance Network in collaboration with independent economists.
 
Starbucks will accept donations online and at 6,800 of its locations beginning Nov. 1