CAMBRIDGE, MA (November 9, 2011) – Whole Foods Market, the world’s leading natural and organic foods supermarket has awarded the latest low-interest loan out of its North Atlantic region to Maine’s Own Organic Milk Company, labeled as MOOMilkCo. The $25,000 loan to the organic milk company is part of Whole Foods Market’s Local Producer Loan Program, which has pledged to grant up to $10 million in low interest loans to small local producers.
MOOMilkCo. is a cooperative venture of five Maine-based organic dairy farmers who formed the L3C in 2009 after being released from their contracts with a major dairy company. The milk, which is sold in every Whole Foods Market location in the North Atlantic region, is slow-pasteurized to give it a creamy flavor.
“MOOMilkCo. was a great candidate for our local producer loan program,” says Laura Derba, North Atlantic Regional President of Whole Foods Market. “Supporting small, local, organic dairy farmers who are doing their best to stay afloat in hard economic times is at the very core of Whole Foods Market’s values as a company.”
The $25,000 loan from Whole Foods Market will enable MOOMilkCo. to keep up with the demand for their product by assisting several of their smaller dairy farmers to purchase between 22 and 24 organic dairy cattle that will produce roughly 140 additional gallons of milk, daily.
“This loan represents just one more way that Whole Foods Market has supported the introduction of our great tasting, local organic milk to New England consumers,” said Bill Eldridge, CEO of MOOMilkCo. “It is truly outstanding how the entire organization actively looks for and supports local suppliers. We would not be where we are today without that support.”
To date, Whole Foods Market’s Local Producer Loan Program has funded more than $5 million in low-interest loans for farmers, food artisans and small businesses.
To apply for a loan through Whole Foods Market’s Local Producer Loan Program, producers must meet Whole Foods Market’s strict Quality Standards, use the funds for expansion, and have a viable business plan. Loans range from $1,000 to $100,000 and have fixed, low interest rates. To view online video testimonials and to learn more about the Local Producer Loan Program, visit wholefoodsmarket.com/loans.
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About Whole Foods Market®
Founded in 1980 in Austin, Texas, Whole Foods Market (wholefoodsmarket.com, NASDAQ: WFM) is the leading natural and organic food retailer. As America’s first national certified organic grocer, Whole Foods Market was named “America’s Healthiest Grocery Store” by Health magazine. The company's motto “Whole Foods, Whole People, Whole Planet”™ captures its mission to ensure customer satisfaction and health, Team Member excellence and happiness, enhanced shareholder value, community support and environmental improvement. Thanks to the company’s nearly 60,000 Team Members, Whole Foods Market has been ranked as one of the “100 Best Companies to Work For” in America by FORTUNE magazine for 14 consecutive years. In fiscal year 2010, the company had sales of more than $9 billion and currently has more than 300 stores in the United States, Canada and the United Kingdom.
