Organic farmers looking to expand their operation may apply for low interest loans from Whole Foods Market, a nationally certified organic grocer.
Through the local producer loan program the company plans to offer up to $10 million annually in loans to qualifying producers. The interest rates are based on the prime rate currently ranging from 5% to 9% fixed or variable with annual resets.
"It is Whole Foods intention to help finance local food production all over the United States," says John Mackey, co-founder and CEO. The Whole Foods chain of grocery stores includes 190 locations in the United States, Canada and the United Kingdom.
To qualify, producers must meet Whole Food's Market's quality standards. The financing must be used for expansion or capital investments, not operating expenses.
More information can be found at: www.wholefoodsmarket.com/products/locallygrown/lplp/index.html.