Rishi Tea is continuing to expand in Milwaukee with plans to buy new equipment.
The company’s formal name, Diaspora Tea & Herb Co. LLC, is requesting a $350,000 loan from the Milwaukee Economic Development Corp, a city-affiliated nonprofit that operates as a business loan fund.
The loan will help finance a $1.66 million purchase of new equipment to increase Rishi’s capacity in the bagged tea market, according to MEDC documents.The primary lender would be BMO Harris Bank.
Rishi has added around 85 full-time employees in the past four years. The company now has 128 full-time employees and plans to add 15 to 20 more over the next two years, MEDC documents said.
Rishi, which blends, packages and distributes premium teas, has been expanding in Milwaukee over the past several years. Read the full story here.