Australian retailer Woolworths Group has launched a A$30 million ($21.4 million) fund designed to help Australian farmers meet the growing demand for organic produce from consumers.
Established in partnership with Australian lender Heritage Bank, the Woolworths Organic Growth Fund will allocate grants and interest-free loans over the next five years to Australian organic fruit and vegetable producers who want to expand their operations, and to farmers who want to start growing organic produce.
Farmers who receive funding will also receive contracted purchase volumes from Woolworths, which will allow Woolworths to secure the long-term supply of organic fruit and vegetables.
Woolworths said that working with Heritage Bank, the Woolworths Organic Growth Fund represents its long-term commitment to satisfying the growing consumer demand, allowing it to continue its partnership with local farmers to make sure its ready for the future demand.