Whole Foods still taking bids for producer loan program
Seaweed Bath Co. owners Adam and Allison Grossman have used a loan from the Whole Foods local producer program to take their soap into new markets. The Austin entrepreneurs make soap from seaweed found in Maine and Nova Scotia.
- Robert Grattan[1]
- Staff Writer- Austin Business Journal
- This email address is being protected from spambots. You need JavaScript enabled to view it.[2] | Twitter[3]
Austin-based Whole Foods Market Inc.'s[4] local producer loan program has provided $8 million in low-interest capital to small businesses across the nation, including eight local businesses — and it's still accepting applications from companies who meet its quality standards.
The loans range between $1,000 and $100,000. There's a $25,000 maximum for startups, and the loan amount may not exceed 80 percent of the total project cost. Borrowers are required to meet quality standards, but aren't required to exclusively sell their products to Whole Foods (Nasdaq: WFM).
The loan program was funded by a $10 million commitment to helping local businesses. So far, the company has pledged $8 million to businesses across the country, and is interested in receiving applications after the $10 million goal is met.
Austin companies that have received funding include soap maker Seaweed Bath Co., East Austin coffee makers Progress Coffee, sweets store Miles of Chocolate and energy bar makers Thunderbird Energetica. The full list of profiled recipients can be found on the Whole Foods Market Local Producer Loan Programs website[5].
The loans have helped the local businesses with a wide variety of projects, ranging from adding new coffee grinders to bringing organic soap to new markets.
Companies interested in applying for loans can find more information about the program online.[6]
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References
- ^ Robert Grattan (feeds.bizjournals.com)
- ^ This email address is being protected from spambots. You need JavaScript enabled to view it. (feeds.bizjournals.com)
- ^ Twitter (twitter.com)
- ^ Whole Foods Market Inc.'s (www.bizjournals.com)
- ^ Local Producer Loan Programs website (www.wholefoodsmarket.com)
- ^ online. (www.wholefoodsmarket.com)