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Opportunity Finance Network CEO Mark Pinsky breaks down how he is planning on creating small-business jobs with the help of companies like Starbucks.
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Very much looking forward to.
Seeing congress debate this bill.
Passes -- my best solution start putting.
Hundreds of thousands millions of Americans back to work.
Then again demanding that congress passes jobs bill promising that it will be may be some kind of magic bullet for the economy but Starbucks CEO Howard Schultz has another idea.
It doesn't call for government action but America's generosity -- Asking customers to pony up an additional five bucks on top of their coffee bill.
To help create jobs extra money going to a group called the opportunity.
Finance network whose president and CEO mark its key.
Good to see you mark thanks strengthening -- what are you gonna do with -- money assuming that you get a bunch of money well we'll see a fifth Americans want a chip and then -- -- in will pull the money will put it out to a group of our financial institutions called community development financial institutions are -- buys.
And no use that money as the basis of barring some money that they can then lend out to small businesses so so these are the kind of small business lenders that that frankly you see in the Third World.
They are well some of Omar and some of our our thanks guys for those kind of guys who have from Bangladesh I mean got a Nobel perhaps one type of this but the type of lending we're gonna do was more -- -- that He does micro lending.
We're gonna do all sorts of small businesses -- production would give non profit.
Business as we lend to.
Affordable housing developers commercial -- who are you are nonprofit organization are not how wherever is it conceivable that you could make a profit that you could turn -- because a lot of people are so desperate for loans.
That they may turn to you instead of going to a bank well regular and and in fact that's happening a fair amount we are we are seeing a lot of referrals from folks who who used to deal with banks in no longer have a credit the banks are coming -- We are profit we are non profit by.
Definition but we are we discover -- profitable and op profit maximum because I would love to see a market solution to this and that the whole idea of this by the way is is to get around.
The government doing things because frankly as received from -- lenders sometimes the government doesn't don't think so well.
Our goal our goal is to figure out how to how to how to make these loans work we've been known for thirty years and so far pretty good we have a great great history -- losses all that sort of stuff so we think we can do we can be part of the solution.
I can't tell you have a whole solution happens but we can be part of solution will be happy to do now how tough do you -- Starbucks is not cheap I was just there this morning it's it's still -- work up a copy for me in fact.
How much of an appetite do you think there will be for the customers -- Starbucks to put five dollars into the kitty after pay two bucks for Africa well we'll see the indeed this is an invitation to participate being part of a solution they can choose to or not that's fine.
And they can also go online to do it so it's not just matter going to Starbucks it's a voluntary thing it's not it's that are not sell on something if you make a donation you can get a rich brand -- have numerous brand that would but now there okay but we think that there's a lot of interest in this that's what we're here and we're also hearing from other corporations that are interested in being part of this.
Parents say where this market.
