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1/12, 3:28 PM (Source: TeleTrader)
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Starbucks to give $100M to small businesses

American coffeehouse chain Starbucks said on Monday it is starting a $100 million fund that will focus on investing in community development projects and small businesses in places that are mostly populated by "black, indigenous and people of color."

Chief Operating Officer Roz Brewer stated that these communities are "some of our business partners, and in some instances, they may even be a small supplier to Starbucks. And so when you think about that, and you can’t help but have empathy for them, you want them to thrive as well, but also we understand what they’re going through."

Starbucks gave $500,000 in grants for this cause and the company announced that it will use the new fund to invest $100 million over the next four years in Atlanta, Detroit, Houston, Los Angeles, Miami, Minneapolis, New Orleans, New York, Philadelphia, San Francisco Bay Area, Seattle and Washington, DC..

Breaking the News / TF