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Opportunity Finance Network Mark Pinsky on partnering with Starbucks to raise money for job creation.
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Can donating five dollars for bracelet along the cup of coffee helps someone get a job well that's the idea behind Starbucks -- create jobs for USA initiated.
Beginning November 1 Starbucks will -- those donations to help launch small businesses and mark -- is the CEO of opportunity finance network this is the group Starbucks is partnering -- For this endeavor please -- -- -- in Philadelphia mark welcome how much money you think you can race.
We don't know exactly how much we'll raise it depends on the generosity of Americans out there but.
We think tens of millions of dollars at a minimum will be able to raise and then we'll be able to put it through our financial institutions -- community development financial institutions.
That will in turn be able to lend out money.
At a significant multiple.
Tell me more about how you decide -- what process goes into determining where those funds will go to.
Well we are looking at a number of things were looking at the pipeline of our of our financial institutions are city if I is and and what community businesses are ready to borrow right now.
We're looking at the different sectors that they're gonna lend into we're looking at the different communities they -- -- Our goal is to be able to create retain jobs all over the United States and communities.
Everywhere where someone in west five dollars to share wants to help someone who doesn't -- five dollars to -- The problem is why do you think an organization this -- fund raiser is necessary -- times.
Well we can.
But the CD EF five the organizations we work with have been doing this work for years and we'll continue to do it for years but we do have a jobs crisis right now we do absolutely have.
Unemployment as you know as high unemployment among.
Certain minority populations is higher we need to we need to step in and do anything we can to create retain jobs in this country.
And this is one way to do that this is not the only way to do it but this is one way.
Interesting as we approach earning season we know.
Companies -- larger companies by and large were talking about small business with your endeavor here but large companies have tremendous amounts of cash on the sidelines.
And if it according it because of uncertainty largely out of Washington but there are also geopolitical risk stop there as well.
What might know what what is it gonna take take take get that extra money put toward job creation.
Well everybody knows the capital does not like uncertainty in the a lot of uncertainty in the market place right now there's a lot of uncertainty in and -- coming out of Washington.
We try to not focus on the uncertainty around it from what we do.
We try and find those businesses out there that are hiring we try and find those businesses that are doing well.
And we try and find a way to get capital to them so.
I think that the opportunities are out there I think the challenge is.
Sort of tapping into the American -- a little bit to to find a way to motivate people to motivate companies to move forward we think that we think that we can do something about that.
Your thoughts on the president's just plan.
We think that would.
-- where we're part of the solution we hope to be part of the solution.
Without looking at the specifics of the president's job plans we think that -- -- we need every effort we cam right now.
To do things to stimulate people to -- companies to hire two get economic growth back where it should.
And that quick -- question to wrap up our chat here how did you come up with the idea for the bracelet and have a picture of -- here.
Eight the yeah oh -- very stylish.
Red white and blue and and stylish -- the word indivisible on it.
The notion is that again is that this is not we're not looking to a lot of and if so it wealthy people to this we think.
When we go out communities we find you know individual Americans who care a lot about their communities.
And we will and they want to be able to do something and and we think that five dollars is a reasonable price point for them.
To be able to get in and contribute something with the help of Starbucks and there -- understanding and Starbucks has -- cares a lot about the communities where they work.
They also feel that and we got together and we realize that if you give people a chance and opportunity to.
Two to invest in their communities for at five dollars and you give them some way of showing with pride what they're doing.
They can where one of these indivisible indivisible bracelets and show that they are doing something for their communities very good markets -- exchange start that's.
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