From 1 November, customers at Starbucks in the US will see $5 (£3.20) wristbands for sale, with proceeds going towards the new ‘Jobs for USA’.

Starbucks will match every $5 donation with $30 that will go towards the Opportunity Finance Network (OFN), an association of around 180 Community Development Financial Institutions (CDFIs).

An OFN spokesperson told Recruiter the projects involved will create jobs through funding a range of initiatives: “It could be a charter school, day care centre, community grocery store, all in low wealth areas.”

OFN figures conservatively estimate that a job is created for every $21k used to finance community business – meaning that the $5m Starbucks has pledged to the scheme so far would create around 240 jobs.

Starbucks creates around 200 jobs a day in the US, according to several major news agencies, while the OFN, through investing $23.2bn in US financial year of 2009, generated or maintained nearly 300,000 jobs.