Whole Foods comes to aid of local farmers

RANDALL'S ISLAND, N.Y. Whole Foods Market announced that it is sponsoring Farm Aid 2007: A Homegrown Festival as part of its efforts to support local farmers. The company said that at the festival this year, it is looking to raise awareness for its new local producer loan program, which provides up to $10 million annually in low-interest, long-term loans to small agricultural producers and food artisans.

"It is Whole Foods Market's intention to help finance local agriculture all over the United States," said John Mackey, co-founder and ceo of Whole Foods Market. "We are going to 'walk our talk' with financial support for local, small-scale agriculture. We believe this financial assistance can make a very significant difference in helping small growers flourish across the United States."

According to Whole Foods, the loans assist small producers in growing their businesses with affordable interest rates of 5% to 9%. The program has other attributes geared to small producers: loan application paperwork is minimized, administrative fees range from $0 to $65, there are no penalties for early repayment, and loan life may be from a few months to ten years.