C2FO, a capital lending company created by Starbucks CEO Howard Schultz and his wife, Sheri, has announced $100 million for small BIPOC businesses.

“America's future rests on our entrepreneurial fire. But in recent years, the spark within many entrepreneurs has struggled to find the oxygen to burn bright. The causes are many: predatory practices, lack of access to capital and social networks, the need for learning and community, and the systemic failures that led some to not even try,” Schultz said in a statement.

“Providing working capital to help diverse businesses meet customer demand and scale has enormous potential to be a powerful economic catalyst for the country as a whole and historically marginalized communities in particular.”

At a time when Black founders and women face barriers in accessing capital, the loan program aims to place it directly in the hands of Black and racialized business owners.

Last year, the organization provided more than $4.7 billion to fund minority- and women-owned businesses across the United States, according to a statement.

Repayable terms will depend on a business’ payback potential, growth, and investment needs. To apply, click here.