Whole Foods Market in Northern California / Reno accepts Credibles as a way to invest in and pay local food producers.
As part of its commitment to support the local food vendors, the Northern California stores of Whole Foods Market are now accepting Credibles at their cash registers. With the Credibles app, customers fund the producers of their favorite food through advance payments. Customers then redeem these edible credits over time at Whole Foods Markets registers for the products of the food producer they invested in. In the meantime, the food businesses can use the additional working capital for its operations and growth.
For Whole Foods Market, this program is a natural extension of its own lending to local producers. With its Local Producers Loan Program, they have been funding emerging businesses with over $10 million so far. Now their customers can make upfront commitments of their own to the food they cherish.
Credibles takes the connection to the food producers beyond the grocery shelf, making it easy and accessible for people to get invested in the local economy. A great way to bring money back to down to Earth, in the spirit of Slow Money. – Arno Hesse, co-founder of Credibles
The Credibles app can now be used at the 41 Whole Foods Market stores in Northern California & Reno with an growing group of food producers participating. Using stores credits for funding is a welcome tool especially for small businesses. For larger prepayments, they often return the favor with extra credits and enjoy higher customer loyalty as a result.
I’m excited about the potential of the Credibles program, not just as a tool to raise capital for us but also as an economic model that empowers our regional food-sheds in general. – Kathryn Lukas of Farmhouse Culture (Santa Cruz).