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Venture capital trade group supports expanded EB-5 visa program
On Thursday, the National Venture Capital Association (NVCA), a trade group representing the U.S. venture capital industry, praised the newly-introduced StartUp Visa Act of 2010 as a crucial tool to spur economic growth in the country.
The bill, sponsored by Senators John Kerry of Massachusetts and Dick Lugar of Indiana, proposes to issue two-year visas to entrepreneurs looking to immigrate to the U.S. who can demonstrate that they have accumulated at least $250,000 in financial backing from a U.S. investor.
For several years, the NVCA has been calling for an expansion of the current EB-5 visa program, citing the history of immigrant entrepreneurs launching successful businesses in the country that employ many American citizens, the American Chronicle reports.
A 2006 study commissioned by the NVCA found that about one-quarter of public venture-backed companies in the U.S. were founded by immigrants. Some of the more prominent enterprises include Intel, eBay, Yahoo! and Google.
Mark Heesen, the trade association’s president, told the news source, “Venture-backed companies employ millions of Americans and many of them would not be here today were it not for the immigrant entrepreneur who founded them.
He added, “This bill will help to ensure that the best and brightest innovate and grow their companies in the U.S.”