Mid-Day Extra: Starbucks gets into the money-lending business

Starbucks - the world's largest coffeehouse company with 17,009 stores in 50 countries - is working with a pioneer in microlending in developing countries - the Grameen Foundation - to lend money to small coffee farmers.

Starbucks, the coffee company, is getting into money lending business.

Before you run out thinking you can combine a grande latte plus low-interest business loan in one stop, let me explain. Starbucks is working with one of the pioneers of microlending in developing countries - the Grameen Foundation - to lend money to small coffee farmers.

Microloans are typically micro in size and shorter term. The loans to which Starbucks is contributing a portion are longer term. A group in Germany that works to get better deals for producers in poor countries, Fair Trade International is also a part of this.

As our Mid-day Update podcast, we spoke with Ben Packard, vice president of global responsibility at Starbucks.

 

 

About the author

David Brancaccio is the host of Marketplace Morning Report. Follow David on Twitter @DavidBrancaccio

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