At their Oct. 17 meeting held in Bangor, the board of directors of the Finance Authority of Maine approved financing for Vertical Harvest, L3C, a company planning to operate a vertical hydroponic greenhouse in downtown Westbrook.
FAME approved a $500,000 FAME Direct Loan to help finalize the construction of the company’s nearly complete facility in Westbrook. The financing is part of an $88 million overall construction project for a new 51,000 square-foot vertical farming facility. The facility intends to provide local, fresh produce profitably and sustainably for Maine and the broader New England market.
In June FAME also approved a $500,000 FAME Direct Loan to Vertical Harvest to assist with construction costs.
The project ultimately is expected to create approximately fifty full and part-time jobs at the company, many of which are expected to be performed by individuals with disabilities, a central component of the company’s mission.
“We very much appreciate FAME’s continued support for this innovative project,” stated Nona Yehia, co-founder and CEO of Vertical Harvest Farms. “It brings us one step closer to creating the future we want from the food we need. We look forward to beginning operations next year and providing local consumers with fresh and flavorful produce that is sustainably harvested right in the heart of Westbrook.”
FAME’s Direct Loan Program provides subordinate or gap financing to new or existing businesses. For larger loans, up to $1 million may be available if substantial public benefit is demonstrated and sufficient funds are available. FAME Direct Loan – FAME Maine
“FAME is pleased to support this project, which should substantially benefit the public, Vertical Harvest’s employees, and the surrounding community,” stated FAME CEO Carlos Mello. “When completed, the Westbrook facility will provide growing capacity 365 days per year for the Northeast market, with substantially reduced water consumption and reduced carbon footprint compared to earth-grown greens in other parts of the country. The project further involves a productive rehabilitation of urban property.”
FAME is a quasi-independent state agency whose mission is to enrich business and educational outcomes through relevant, timely financial support to Maine’s people. Our vision is a Maine where all people have access to improved economic outcomes through business growth and education attainment. To learn more about FAME, please visit www.FAMEmaine.com.
