Mid-day Update

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

David Brancaccio May 3, 2012

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.

There’s a lot happening in the world.  Through it all, Marketplace is here for you. 

You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible. 

Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.  

Need some Econ 101?

Our new Marketplace Crash Course is here to help. Sign-up for free, learn at your own pace.