TRF provides $1.26 million for BrightFarms Pennsylvania greenhouse farm
TRF provides $1.26 million for BrightFarms Pennsylvania greenhouse farm
The Reinvestment Fund, a national leader in financing neighborhood revitalization, has provided BrightFarms Inc. with $1.26 million in senior debt capital for its Pennsylvania greenhouse farm.
BrightFarms’ 53,000-square-foot greenhouse, under construction in Bucks County, PA, will grow up to 500,000 pounds of fresh produce per year, create up to 10 jobs and increase access to flavorful, healthy vegetables.
TRF is a pioneer in socially responsible investment
BrightFarms’ 53,000-square-foot greenhouse in Bucks County, PA, will grow up to 500,000 pounds of fresh produce per year.in the mid-Atlantic region. Its financing in the mid-Atlantic region is supported by a broad range of investors, including individuals, religious institutions, public agencies, banks and philanthropies. TRF’s Fresh Food Financing Initiative provided incentives to fresh food retailers and achieved great success increasing access to healthy, affordable foods in underserved communities. TRF continues to invest in improving the food landscape as means of building healthy communities. Its food financing efforts include investors such as the U.S. Department of the Treasury, the Pennsylvania Department of Community & Economic Development, the William Penn Foundation, JPMorgan Chase and the Robert Wood Johnson Foundation.
BrightFarms’ unique business model of financing, building and operating greenhouses for supermarkets is scaling up local food and strengthening local economies. Its Bucks County greenhouse will be complete in early 2013, delivering fresh local produce year-round to independent grocer McCaffrey’s Market and to Superfresh stores and John Vena Inc. in Philadelphia.
“BrightFarms is an exciting company that shares our commitment to both financial and social return,” Donald R. Hinkle-Brown, TRF chief executive officer, said in a press release. “I’m looking forward to celebrating its first harvest this winter.”
“We’re thrilled to have the support of TRF,” Paul Lightfoot, BrightFarms CEO, said in the release. “We have tremendous respect for its achievements and share its passion for strengthening communities through a stronger foodshed.”