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USDA-guaranteed financing helps AppHarvest build a new 30-acre hydroponic farm that uses 90% less water than open field farming
RENO, Nev., October 20, 2022 /PRNewswire/ — Greater Commercial Lending (GCL), which provides loans to businesses and organizations in underserved rural areas, has $50 million in financing high-tech berry plantations in Somerset, KentuckyThe funding consists of two loans guaranteed by the United States Department of Agriculture (USDA).
Harnessing the sun and rainwater, the farm is expected to be operational by the end of the year, designed to grow produce with up to 90% less water than outdoor farming. Produces yields up to 30 times higher than conventional farming and prevents pollution from agricultural runoff.
of Somerset This farm is owned and operated by AppHarvest, LLC, a subsidiary of AppHarvest, Inc. (NASDAQ: APPH, APPHW). AppHarvest, LLC is an Appalachian sustainable food company building some of the world’s largest high-tech indoor farms to grow affordable fruits and vegetables at scale. AppHarvest is a public benefit corporation and a Certified B Corp.
“Access to high-quality fruits and vegetables is important to all Americans. GCL is committed to providing access to government-guaranteed loans, a low-cost, long-term source of financing for these critical agriculture projects. We are pleased to support AppHarvest’s sustainable and high-tech agricultural processes with the project.” Jeremy Gilpinexecutive vice president of GCL, one of the largest providers of USDA loans.
80% of loans arranged by GCL Somerset, Kentucky The farm is insured by USDA through the Business and Industrial Rural Development Program and the Rural Energy America Program (REAP). The funding structure includes the participation of GCL’s parent company. Nevada Credit Unioncommunity banks and trusts Georgia and other credit unions, community banks and secondary market groups.
AppHarvest says:president David Lee“This funding agreement with USDA will allow us to continue to grow our business. Somerset Bringing the farm and two additional CEA (Managed Environmental Agriculture) facilities online by the end of the year will quadruple the farm network and diversify the product portfolio to include berries and salad greens. ”
The project is expected to create approximately 142 jobs in the community.of Somerset The farm consists of a 30-acre greenhouse, cooling and packing room, and an office that processes strawberries and small cucumbers.
About Greater Commercial Lending
Greater Commercial Lending (GCL) brings together credit unions and community lenders across the United States to provide government-guaranteed loans to businesses and initiatives in rural and underserved markets throughout the United States and its territories. credit organization. We help finance critical infrastructure services such as power, renewable energy, transportation and fiber optics, as well as schools, hospitals, restaurants, agriculture, hotels and manufacturers. GCL partners with the US Small Business Administration (SBA) and US Department of Agriculture (USDA), which guarantee loans, to arrange loans on favorable terms. GCL is a subsidiary of the Greater Nevada Credit Union (GNCU). www.GreaterLending.com
About Greater Nevada Credit Union
Greater Nevada Credit Union (GNCU) is headquartered in carson city, nevada Credit unions serve over 82,200 consumers and small businesses, $1.73 billion in assets. GNCU’s subsidiaries include Greater Nevada Mortgage, Greater Commercial Lending and Greater Nevada Insurance. GNCU is a Qualified Community Development Financial Institution (CDFI) and is consistently recognized as a premier financial institution and a premier employer in many service areas. Reno/Tahoe Best Places to Work Awards and USDA Lender of the Year. GNCU is also the title sponsor of the Greater Nevada Field. RenoFor more information, call (800) 421-6674 or visit www.gncu.org.
About AppHarvest
AppHarvest is a sustainable food company in Appalachia that develops and operates some of the world’s largest high-tech indoor farms powered by robotics and artificial intelligence to build a reliable, climate-resilient food system. . AppHarvest farms are designed to produce yields up to 30 times higher than conventional agriculture, prevent pollution from agricultural runoff, and use up to 90% less water than sunlight, rainwater, and open field cultivation to grow produce. It has been. AppHarvest currently operates a flagship farm the size of approximately 50 football fields. Morehead, Ky., produces tomatoes. The company is developing a network of farms producing various grape crops, salad greens and berries, and he also has three farms currently under construction and expected to be operational by the end of 2022. For more information, visit https://www.appharvest.com/.
Media Contact:
Michael John Romano
Allison + Partners
[email protected]
SOURCE Large commercial lending
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