Financing from Rabo AgriFinance, according to a news release, will allow MightyVine to expand its 15-acre tomato greenhouse in Rochelle to a total of 30 acres by 2020. That growth, the company said, is fueled by demand from MightyVine’s current retail partners.
“We’ve built a brand that consumers are asking for in restaurants and grocery stores all over the Midwest,” Gary Lazarski, CEO of MightyVine, said in the release.
“This financing will allow us to move toward doubling our production capabilities and greater serve the Chicagoland marketplace.”
Lazarski said in the release that Rabobank is a leading financier of greenhouses all over the world and its familiarity with what he called “next-generation agriculture” made it the bank of choice.
The release said the agreement will allow MightyVine to expand for the third time since beginning operations in 2015 with what was then a 7.5-acre greenhouse.
In 2016, MightyVine doubled production to 15 acres. The next expansion will come in phases, according to the release, with the next 7.5 acres operational by the end of the year, and the remaining 7.5 acres in 2020.
Rabo AgriFinance, a subsidiary of Rabobank, said MightyVine has the advantage of being in close proximity to many consumers. Rochelle is about 100 miles from Chicago.
“We enjoy working with an innovative grower like MightyVine that has a sustainable, strategic growth plan that aligns with our mission of supporting growth while growing a better world,” Shawn Smeins, deputy head of Rabo AgriFinance, said in the release.