Last updated on July 3rd, 2019 at 07:22 pm
Rishi Tea is seeking a $350,000 loan from the Milwaukee Economic Development Corp. to purchase new equipment to expand its capacity in the bagged tea market.
Total equipment costs are $1.67 million, according to the loan application submitted by Diaspora Herb & Tea Co., Rishi’s corporate name.
Joshua Kaiser, who co-founded Rishi Tea in 1997 with longtime friend Benjamin Harrison, could not immediately be reached for comment.
Rishi Tea currently employs 128 people at its headquarters in Milwaukee’s Menomonee Valley Industrial Center.
The new equipment will allow Rishi Tea to expand capacity and add 15 to 20 full-time employees over the next two years, according to the loan application.
The MEDC will consider the request June 12.
In 2014, Rishi Tea requested a $1.86 million loan from MEDC to help finance its $4.7 million headquarters in the Menomonee Valley.