Whole Foods Works With Chicago Charity to Provide Loans to Farmers

Whole Foods Market, the Austin, Tex., grocery chain, is collaborating with Sustain, a Chicago nonprofit group, in offering loans to family farmers and artisanal producers as a way to boost the number of locally grown sources of organic foods to its Midwestern stores, the Chicago Tribune reports.

Whole Foods has pledged to lend up to $10-million to farmers across the country who want to expand their production or move into the organic foods niche. Sustain, which promotes organic and sustainable agriculture, will administer the loan program in the Midwest on behalf of Whole Foods.

Loans are limited to a maximum of $50,000, and interest rates in the program stand at about 5 percent to 9 percent, which the company says are lower than the rates commercial banks would charge small farmers. Loan life may range from a few months to 10 years.

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