See on Scoop.it - Yellow Boat Social Entrepreneurism

Low-interest loans to help local producers flourish

In addition to featuring local products in our stores, we’re putting our money where our mouths are by providing up to $10 million in low-interest loans to independent local farmers and food artisans. We’re proud to support small producers who need a hand, not a handout, to help them make their dreams reality.

http://www.wholefoodsmarket.com/mission-values/caring-communities/local-producer-loan-program

http://www.wholefoodsmarket.com/mission-values/commitment-society/loan-program-details LOCAL PRODUCER LOAN PROGRAM DETAILS A little change can make a big difference

Whole Foods Market is committed to the concept of fresh, healthy, local foods. Since the beginning, we have remained committed to supporting local products and the people who supply them. 

Loan Program Details 

Strengthens the partnerships between Whole Foods Market and local producers

Works with producers to expand the availability of high-quality local products for our customers

Supports the communities where Whole Foods Market does business

Reinforces Whole Foods Market’s commitment to environmental stewardship

The Producers

Must meet Whole Foods Market’s Quality Standards and standards for animal welfare

Use funds for expansion and capital expenditures (e.g., buy more animals, invest in new equipment and infrastructure, or expand crops), not operating expenses

Have a viable business plan and adequate cash flow to service debt

The Process

Streamlined process with fees, interest rates, and paperwork minimized

Targeted loan amounts between $1,000 and $100,000 (maximum $25,000 for start-ups)

Loan amount not to exceed 80% of total project cost

Low, fixed interest rates (currently between 5% and 9%)

Monthly payments required after termination of grace period

No penalty for early repayment

Collateral required

One-time minimal processing fee covers administrative expenses, including credit report

Approval and terms dependent on product characteristics, risk assessments, and use of proceeds

Opportunity to apply for additional financing if initial loan is in good standing after one year

Existing vendor relationship with Whole Foods Market preferred

Applications accepted on a rolling basis

Due to liquor laws, we are unable to offer loans to producers of alcoholic beverages


See on wholefoodsmarket.com