Starbucks wristbands created these jobs

Starbucks has raised more than $7 million by selling 'Create Jobs' wristbands. The company expects the program to create 2,300 jobs as the money makes its way to small businesses and nonprofits.

2,300 jobs expected
2,300 jobs expected
Starbucks has distributed more than 500,000 red, white and blue wristbands in the last three months, and, no, it's not just because the coffee giant is feeling patriotic.

The wristbands, sold for $5 each, are intended to fund loans to small businesses, nonprofits and other organizations that will create American jobs.

New figures released by the company on Thursday, show the ongoing Create Jobs for USA program has so far raised more than $2 million. Coupled with $5 million in seed money already donated by Starbucks, the company expects the program to create at least 2,300 jobs.

That said, the money takes time to trickle down to business owners and heads of nonprofits. To get from the Starbucks cash register to a small business or agency, the donations first pass through the Opportunity Finance Network, which then gives grants to community development financial institutions, or CDFIs. Those lenders are tasked with doling out low-interest loans to small businesses and nonprofits in need.

So far, 278 loans have been made in 31 states across the country. CNNMoney tracked down five small businesses and organizations that are already putting the funding to use.


By Annalyn Censky @CNNMoney - Last updated February 16 2012: 1:55 PM ET
Join the Conversation
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.