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.