SEATTLE, April 3, 2012 – Google Offers and Banana Republic are joining with Starbucks Coffee Company (NASDAQ: SBUX) and Opportunity Finance Network® (OFN) to support Create Jobs for USA, an innovative program enabling Americans to help Americans get back to work.
Tomorrow, Google Offers will run an exclusive Starbucks offer featuring a $10 Starbucks Card eGift for $5. In support of the Create Jobs for USA Fund, Google Offers will donate $3 for each offer sold to OFN, up to $3 million.
Banana Republic will support the program with two special shopping events during the year. During the events customers will receive 25 percent off their purchases in Banana Republic stores in the United States and at www.bananarepublic.com. Banana Republic will donate five percent of the total purchases during these events to OFN in support of the Create Jobs for USA Fund, up to $500,000 from each special event for a total of up to $1 million. The first event will run Thursday, April 19 – Sunday, April 22.
When the new support of up to $4 million from Google and Banana Republic is combined with past donations of more than $7.5 million, the leveraging power of the funding will total up to $80 million in lending to community businesses. Based on conservative forecasting models developed by OFN with input from independent economists, this lending is expected to help create or sustain more than 3,800 jobs at a time when national unemployment has remained above eight percent for the past three years.
“We thank Google Offers and Banana Republic for their leadership and support of this job creation program that is already helping thousands of Americans get back to work during a time of continued high unemployment,” said Starbucks chairman, president and ceo Howard Schultz. “Create Jobs for USA gives individual Americans and like-minded businesses the ability to take an active role in helping to address our national jobs emergency. We’re inviting other businesses to join us and get involved through donations, awareness campaigns and customer outreach so that we can accelerate this program and amplify the success we’ve had so far in creating and retaining jobs throughout the country. The support from Google Offers and Banana Republic are exceptional examples of how companies in different industries with different customer bases can use their scale for good to help communities thrive.”
“Google Offers connects people with the deals they want, from businesses they love like Starbucks,” said Sameer Samat, Vice President of Product Management, Google. “As a company, we’re also focused on helping small businesses grow and succeed. We’re excited to collaborate with Starbucks to bring our subscribers a great deal as well as continue our support for small businesses through our donation to OFN for the Create Jobs for USA Fund.”
“At Banana Republic our focus is on workplace style, and it’s our mission to help create opportunities for people to fulfill their potential personally and professionally. We are thrilled to be one of the first national brands to support the Create Jobs for USA Fund from Starbucks and OFN,” said Jack Calhoun, President of Banana Republic. “Our brand’s goal of helping people to achieve aligns to this program, which supports the many entrepreneurs and community businesses that are generating employment opportunities for people across the country.”
The donations to the Create Jobs for USA Fund are already going to work in communities across the country. Concerned citizens can read about some of the Create Jobs for USA loan recipients and find out how to get involved at www.CreateJobsforUSA.org. People can also donate to the program at nearly 7,000 company-operated Starbucks stores, or by texting “JOB” to 80888 to donate $5.
Exclusive Google Offer
On April 4, Google Offers subscribers can purchase a one-day-only Starbucks offer. For $5 consumers will receive a $10 Starbucks Card eGift. For every offer purchased, Google Offers will make a $3 donation to OFN for the Create Jobs for USA Fund, up to $3 million. Limited quantities are available. Customers can sign up for Google Offers at www.google.com/offers to be among the first to know when the deal is live.
Banana Republic Shopping Events
Banana Republic is announcing two special shopping events to benefit the Create Jobs for USA program. The first of these events will run Thursday, April 19 – Sunday, April 22. During these special events, customers will receive 25 percent off their purchase in Banana Republic stores in the United States and online at www.bananarepublic.com. See store website for product exclusions and details. Banana Republic will donate five percent of the total purchases during these periods to OFN in support of the Create Jobs for USA Fund, up to $500,000 from each special event for a total of up to $1 million. Purchases during the event time periods at Banana Republic Factory Stores will also be included in the company’s five percent donation. The company is also looking at other opportunities to support this program in the future. For more information about Banana Republic’s involvement with the Create Jobs for USA program, visit www.bananarepublic.com/createjobsforusa.
Create Jobs for USA Results
The donations from Google Offers and Banana Republic will build on donations to date from the Starbucks Foundation, like-minded companies, customers, and concerned citizens. Because community lenders are able to leverage this capital to secure additional financing – on average, at seven times the donation amount – the projected $4 million in donations from Google Offers and Banana Republic will support nearly $30 million in loans to community businesses focused on creating and sustaining jobs in underserved neighborhoods. Combined with past donations, this brings the total up to $80 million in community lending supported through the program thus far.
Starbucks and OFN teamed up to launch Create Jobs for USA this past November to help address the jobs crisis. Contributions to the Create Jobs for USA program are pooled and awarded as loans to help create and sustain jobs in underserved communities throughout America. OFN, a nationwide network of 180 Community Development Financial Institutions, is working with Starbucks to oversee the Create Jobs Fund and provide financing to community businesses —including small businesses, microenterprises, nonprofit organizations, commercial real estate developers, and affordable housing developers.
The money raised for the Create Jobs for USA Fund is already helping to create and sustain jobs through loans to these community businesses during a time with alarming unemployment. In the first three months of Create Jobs for USA, the program has made a difference in helping to jumpstart the economy by:
- Raising more than $7.5 million in donations, which in turn translates into $50 million in financing for community businesses;
- Helping to support nearly 280 loans across 31 states, with the goal of extending to all 50 states by the end of this year;
- Helping create and retain an estimated 2,300 American jobs;
- Distributing more than half a million “Indivisible” wristbands, a visible demonstration of Americans helping Americans.
Donors who contribute $5 or more to OFN at nearly 7,000 U.S. company-operated Starbucks stores or online at www.createjobsforusa.org receive a red, white, and blue wristband with the message “Indivisible,” which serves as a symbol of Americans uniting to help create jobs. In addition, concerned citizens may now also support Create Jobs for USA by texting a donation to 80888. Donations by text will not receive a wristband.
Small business owners interested in learning more or applying for a loan should visit www.opportunityfinance.net/findacdfi.
About Starbucks Coffee Company
Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting the highest-quality Arabica coffee in the world. Today, with stores around the globe, 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 www.starbucks.com.
About Opportunity Finance Network
Opportunity Finance Network (OFN) is the national network of Community Development Financial Institutions (CDFIs)—private financial institutions that are 100 percent dedicated to delivering responsible, affordable lending to help low-income, low-wealth, and other disadvantaged people and communities join the economic mainstream. More information is available at: www.opportunityfinance.net
About Google Offers
Google Offers delivers amazing deals at the best places to eat, shop and play in your area. Google Offers is currently live in 40 cities across the U.S., and growing rapidly. To subscribe to Google Offers and receive deals in your city, please visit www.google.com/offers.
About Banana Republic
Banana Republic is a global accessible luxury brand that delivers modern, soulful and effortless style. Banana Republic’s lifestyle collections are characterized by elevated design and luxurious fabrications at approachable prices. Banana Republic collections include apparel, handbags, jewelry, fragrance and eyewear. Banana Republic, a division of San Francisco-based, Gap Inc. (NYSE: GPS), can be found at over 600 retail locations in the United States, United Kingdom, Canada, Japan, Italy, and France, BananaRepublic.com, BananaRepublic.ca, BananaRepublic.eu, or (888) BR-STYLE. In addition, Banana Republic is expanding its international presence with franchise agreements in Asia, Europe, Latin America and the Middle East. For more information, please visit gapinc.com.
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