I was looking to see if Whole Foods carried Justin’s Peanut Butter and I happened across this page on their site. Who knew that Whole Foods was providing up to $10 million in low-interest loans to small, local producers? To be eligible, your company must be a local (within a few miles of a WF store) producer of a high quality product, and they prefer that you have an existing relationship with Whole Foods, although that doesn't seem to be a requirement. You may not be a startup company. (Well, you may be one, but they won’t loan you money through this program.)
Loans range from $1,000 to $100,000 to be used for investing in and growing your business. The current interest rate for their loans is from 5% to 9%, and there is a $65 processing fee. This fee covers the cost of obtaining a credit report and processing the loan documents and is only charged if your application is approved for further review. That is the only fee charged. The Local Producer Loan Program does not charge closing fees or prepayment fees.
I know this doesn’t apply to many of you, but I wanted to get the word out for those who do qualify. With credit lines and business loans drying up (for the moment), this is an amazing opportunity. Please pass this information on to others. Whole Foods Loan Program
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Tags: entrepreneur, loan program, local producer, micro business, small business, wholefoods
