$30M FUND STORY PAGE 5
Woolworths and Heritage combine to promote agricultural shift
WOOLWORTHS’ organic growth fund will pour $30 million into the agricultural industry, in a move described by Agricultural Minister Mark Furner as “brilliant”.
Mr Furner commented on the state of the strengthening organics industry while visiting a Lockyer Valley farm yesterday morning.
Woolworths partnered with Heritage Bank to supply the funds, which will provide millions in interest-free loans to organic enterprises for land acquisition, new produce and upgrades to equipment.
Mr Furner said the move would help to cement the region’s “clean, green” image.
“There is a growing demand for organic food in Australia and internationally, with consumers prepared to pay a premium for organic fruit and vegetables,” Mr Furner said.
“Queensland is an ideal location to benefit from the (fund), with our state already growing over one third of the nation’s produce.”
The organics market in Australia continues to strengthen and is now worth about $2.4 billion, a 90 per cent increase since 2012.
Heritage Bank CEO Peter Lock said they were thrilled to partner with Woolworths.
“We have been in the area for 143 years and we have always had a big presence in the Lockyer Valley and the Darling Downs,” Mr Lock said.
“We think this fund is magnificent and will provide a significant boost to the organic farming sector.
“It isn’t often that farmers are able to receive interest free grants, and we applaud Woolworths for this initiative.”
Lockyer Valley Organics owner Anthony Bauer, a beneficiary of the fund, said the growth in demand had been “unreal”.
“I grew up on a family farm, and I saw how depleted and hard the soil was. Organics is all about soil and plant health,” Mr Bauer said.
“It took a little while to learn the craft; it is a change to conventional farming, but right now the industry is taking off.
“The grant will have a massive impact, we needed to invest in the latest technology to help with production.”