US: 1.26 million financing for Brightfarms greenhouse in Pennsylvania

BrightFarms, which has plans to build a greenhouse in Lower Makefield Township, Pennsylvania that will sell locally grown produce to McCaffrey's and other markets, has received $1.26 million in financing from The Reinvestment Fund.

The fund is a Philadelphia-based community development financing institution, which uses public and private funds to invest in community development initiatives that are often ignored by conventional lenders. The money will go toward constructing the 53,000-square-foot greenhouse, which will produce up to 500,000 pounds of fresh produce every year and is expected to create up to 10 jobs when completed.

BrightFarms and McCaffrey’s Market signed the grocery industry’s first long-term Produce Purchase Agreement (PPA), marking a shift in the produce supply chain.

BrightFarms will deliver year-round local produce to McCaffrey’s, an independent grocery with stores in Pennsylvania and New Jersey. The 50,000-square-foot, Yardley, PA, greenhouse will grow around 500,000 pounds of produce per year.

BrightFarms will also supply restaurants in Philadelphia through its partnership with John Vena, Inc., a local, family-owned and operated wholesale produce business.

BrightFarms’ local produce is harvested when ripe and delivered within hours. It will taste better, last longer, and be grown using sustainable methods.

In addition to providing food to McCaffrey's, the greenhouse is also expected to sell produce to area Superfresh stores and John Vena Inc., a wholesale produce business in Philadelphia.

Source: phillyburbs.com