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Starbucks announced Tuesday that it's investing $100 million to support small businesses and community development projects in minority communities over the next five years.
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Through the Starbucks Community Resilience Fund, the company will issue funds to small businesses and community development projects within a dozen neighborhoods nationwide that "historically have limited access to capital" by 2025, according to the company.
The investment will focus on large metropolitan areas across the country as well as their surrounding regions. These areas include Atlanta, Detroit, Houston, Los Angeles, Miami, Minneapolis, New Orleans, New York City, Philadelphia, the San Francisco Bay Area, Seattle and Washington, D.C.
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The initiative builds upon the company's earlier efforts to support employees and its communities amid a year marked by a pandemic, subsequent economic recession, environmental disasters and nationwide protests drawing attention to systemic racism and police brutality.
Roz Brewer, Starbucks' chief operations officer, told FOX Business that throughout the tumultuous year there has been "one underlying tone," which is that BIPOC (Black, Indigenous and people of color) communities have been disproportionality affected.