Small business owners in Texas may not know that large, established companies are offering small business loans. The owner of a small business called Simple & Crisp borrowed a total of $87,000 from Whole Foods Market after the company offered to sell her dried fruit crackers in its stores.
When the owner was approached by Whole Foods about national distribution of her products, she couldn’t afford the added production costs. However, a $37,000 loan from Whole Foods’ loan program allowed the business owner to purchase two more food dehydrators. Whole Foods loaned the money to the company at 5 percent interest for five years. In 2015, Whole Foods loaned it another $50,000 with the same terms. Simple & Crisp products are now sold in about 300 Whole Foods stores and 100 other food stores across the country.
Over the past 10 years, Whole Foods has loaned a total of $18 million to hundreds of its suppliers. The upscale grocery store chain is not the only large company to help small businesses out with low-interest loans. Martha Stewart Living, FedEx, Miller Lite and other companies have all helped small businesses to expand through loan programs and grant contests.
Finding enough financing to expand operations can be a difficult challenge for many small businesses, and attorney may be able to help a company to look for ways to cut costs so that there is more money for growth. When a business is just starting out, an attorney may be able to help to determine which form of entity would be the most appropriate.