MICROCAPITAL BRIEF: Whole Foods Market’s Whole Planet Foundation Raises $1.2m to Support Microfinance Institution Partnerships in 11 Countries, Including Expanding Work with Grameen America to New York, Miami
The Whole Planet Foundation, an affiliate of US-based grocer Whole Foods Market, recently announced it has secured donations of USD 1.2 million towards its goal of raising USD 3.2 million by the end of March 2017 to distribute for microlending through new microfinance institution partnerships in two US cities and existing ones in Canada, Chile, the Democratic Republic of Congo, the Dominican Republic, India, Israel, Sierra Leone, the Solomon Islands, Zambia and Scotland. The US-based efforts involve expanding the foundation’s work with Grameen America to include Miami, Florida, and the Harlem neighborhood of New York City.
Grameen America is a US-based NGO that was founded in 2008 by Muhammad Yunus, who also founded the Bangladesh-based Grameen Bank in 1983. Grameen America serves 12 cities in the US. Borrowers must meet with staff weekly, and they pay interest rates of at least 15 percent per year. As of 2015, the NGO held total assets of USD 62 million.
The Whole Planet Foundation’s goal is to increase the incomes of poor women in regions from which the supermarket sources its products. Whole Foods pays the administrative expenses of the foundation via periodic donations. The Whole Planet Foundation held assets of USD 12 million as of 2015.
Sources and Additional Resources
Information provided to MicroCapital by Curator Public Relations for the Whole Planet Foundation
Whole Foods Market
http://www.wholefoodsmarket.com/
Whole Planet Foundation
– Homepage:
https://www.wholeplanetfoundation.org/
– 2017 Prosperity Campaign:
https://www.wholeplanetfoundation.org/2017-prosperity-campaign-aims-to-raise-3-2-million/
– 2015 Financial Report to the US Internal Revenue Service:
https://www.wholeplanetfoundation.org/wp-content/uploads/2016/11/FINAL-WPF-2015-990PF-1.pdf
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