Dealing with cash shortfalls
The Woolworths Organic Growth Fund has been established by Woolworths to invest in organic farming projects in Australia.
Through the Woolworths Organic Growth Fund, Woolworths has committed up to $30 million over a five year period. This funding will be made available to eligible Australian farmers in the form of interest-free loans and financial grants.
Farmers will also have contracted purchase volumes, providing them with the certainty of longer-term supply of organic fruit and vegetables to Woolworths.
The Woolworths Organic Growth Fund is managed by Woolworths, who are responsible for applicant selection, managing the relationship with the funding recipients and providing 100% of the capital and financing off its own balance sheet.
Applicants who successfully apply to the Woolworths Organic Growth Fund for an interest-free loan will be invited to apply for an interest-free loan issued by Heritage Bank.
Heritage Bank will provide the business loan and distribution of the funds to the borrower, as well as ensure all loans and lending activities comply with applicable credit and regulatory requirements.
Since 1956, Ardrossan Orchards and its parent company the N&A Group, have been owned and operated by the Cathels family. Three generations later they continue to grow and source both conventional and organic produce including organic apples and berries including blueberries, blackberries and raspberries.