Whole Foods loans $2.5 million

Whole Foods Market (NASDAQ: WFMI) in May 2009 announced that its Local Producer Loan program has provided $2.5 million in low-interest loans to date.

The first loans were made in early 2007 and Whole Foods says it is committed to making $10 million in loans. The program's goal is to help local and independent farmers and producers expand their businesses and bring more local products to market.

San Rafael-based Three Twins Ice Cream recently received a $25,000 loan according to "Founding Twin" Neal Gottlieb. He is using the funds to partially finance a new factory. When the $1.5 million facility is complete, Three Twins' production of organic ice cream is expected to increase from about 30,000 gallons to 500,000 gallons annually and allow the company to place product in all Northern California Whole Foods locations. Currently, Three Twins is only available at one Whole Foods location.

Though the loan is a very small piece of his financing package, Gottlieb says its value goes far beyond numbers. "Having Whole Foods on our side is huge as we go out to raise money with other investors," he says. "If we show them that they have a vested interest in our success, that tells the complete story."