Rishi seeks outside funding for new headquarters
Rishi Tea plans to tap several funding sources to help finance its proposed new headquarters in Milwaukee, WI. The company, which blends, packages and distributes specialty teas, is seeking $1.86 million from the Milwaukee Economic Development Corp., a city-affiliated lender, to pay for the $4.7 million project. Remaining funding is expected to come in the form of a loan from a regional bank, as well as from equity financing. The new headquarters, located on a 3.8-acre site at a city-owned business park, would feature a 48,000-square-foot facility with office, production and storage space. Rishi Tea hopes the new headquarters will help sustain its annual growth of approximately 10%. The company currently employs 46 people and plans add 20 more over the next few years.