Can Starbucks, GE and MillerCoors Save Small Business? Big companies have recently announced plans to provide loans to small businesses.

By Carol Tice Edited by Dan Bova

Opinions expressed by Entrepreneur contributors are their own.

Can Starbucks, GE and MillerCoors Save Small Business?Corporate America has noticed something: The economy is still weak, and that's bad for business.

Call it corporate altruism -- or perhaps, what's more likely -- a keen customer retention strategy. Some big companies, including Starbucks, General Electric and MillerCoors, are starting their own programs to help small businesses grow.

The question is, will these corporate-driven programs really make a dent in the problem?

Starbucks this week announced it is giving $5 million to the newly created campaign Create Jobs for USA to create and sustain jobs. Through a partnership with microlender Opportunity Finance Network, various community development financial institutions will provide small-business loans to U.S. entrepreneurs in underserved communities. Starbucks is accepting donations to the program at the site and at cafes starting Nov. 1.

GE is hosting a meeting in Columbus, Ohio, tomorrow that'll be focused on how to encourage growth in mid-sized companies.

MillerCoors just extended the deadline on its $150,000 Urban Entrepreneurs Series challenge, which will award the money to the best submitted business plans. Entrants now have until Oct. 28 to submit their entry.

Despite the big-effort, these corporate programs will likely do very little toward making a dent in the country's persistent unemployment problems. Also, these don't exactly lift all boats -- only the few small businesses that manage to win a grant will benefit.

Also, the funds aren't strictly earmarked for current business owners and would-be entrepreneurs. Starbucks, for instance, is plowing much of the money from its program into nonprofits that are assisting troubled schools, for instance.

On the other hand, entering might be a way to get in front of a big company where you might want to become a vendor or supplier.

It might be more helpful if these corporate behemoths simply did some direct hiring of their own. But short of that, any little bit helps. Hopefully more companies will see that stimulating small-business growth is a form of giving that would give back to them. After all, healthy small businesses are customers, too.

Do you think corporate grants and loans can help curb unemployment? Leave a comment and let us know.

Carol Tice

Owner of Make a Living Writing

Longtime Seattle business writer Carol Tice has written for Entrepreneur, Forbes, Delta Sky and many more. She writes the award-winning Make a Living Writing blog. Her new ebook for Oberlo is Crowdfunding for Entrepreneurs.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Leadership

7 Telltale Signs of a Weak Leader

Whether a bully or a people pleaser who can't tell hard truths, poor leadership takes many forms.

Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

Business News

Elon Musk's DOGE Is Hiring People Eager to 'Work Long Hours' to Eliminate 'Waste, Fraud and Abuse' in the Government. Here's How to Apply.

The Department of Government Efficiency is hiring U.S. citizens to help cut spending and headcounts in the federal government.

Business News

'Everyone Can Profit From It': What Is DeepSeek? China's 'Cheap' to Make AI Chatbot Climbs to the Top of Apple, Google U.S. App Stores

DeepSeek researchers claim it was developed for less than $6 million, a contrast to the $100 million it takes U.S. tech startups to create AI.

Business News

'I Love Doing Product Reviews': Bill Gates Stepped Down from Microsoft in 2020, But Admits He Still Spends 15% of His Time Working at the Company

In a new interview with the Wall Street Journal, Gates also said he is still close with Microsoft's CEO Satya Nadella.

Business News

Uber's CEO Says Drivers Have About 10 Years Left Before They Will Be Replaced

Uber CEO Dara Khosrowshahi says the jobs of human drivers are safe for the next decade, but after that, another type of driver will take over.