Whole Foods raises $3.3 million to fund businesses in developing world

Whole Foods Market, which pledged to raise $3.2 million during the month of March to help fund businesses in the developing world, has exceeded its goal.

The Austin, Texas-based natural grocer's Whole Planet Foundation raised $3.3 million during its 12th Prosperity Campaign. The program's intent is to help fund microfinance organizations and microcredit loans to help alleviate poverty in its sourcing regions around the world, as well as provide opportunities for a better life for 97,600 people. The goal was to increase the foundation's then-current reach of 15 U.S. cities and 69 countries.

As part of this year’s campaign, six Whole Foods supplier partners pledged to donate $100,000 each, the equivalent of roughly 535 microcredit loans. Thirteen suppliers have each pledged $50,000, the equivalent of about 265 microcredit loans.

Outside the United States, the average first loan is $187 and doesn’t require a formal contract or collateral. The microloans funded through the foundation provide impoverished entrepreneurs with access to credit to create or expand home-based businesses to generate income for their families.

When these funds are repaid, they remain in the community to generate additional loans. Whole Planet Foundation’s microfinance partners around the globe have a 97 percent repayment rate.