EB-5 regional center approved in Michigan
Central Michigan, an area desperate to create jobs and promote economic development, may get a push in the right direction after the U.S. Citizenship and Immigration Services approved an EB-5 regional center in the area.
The new EB-5 regional center will cover Bay, Clare, Gladwin, Huron, Isabella, Midland, Saginaw, Sanilac and Tuscola counties, though administrators have voiced a desire to expand the authorized area, OurMidland.com reports
“As a regional center, we’re authorized to use the EB-5 investment program to connect foreign investment capital with qualified business investments in the area,” Kenneth Kousky, CEO of the EB-5 Michigan Regional Center, told the news source.
He added, “Our initial efforts will be focused on partnering with the existing investment community,” and with securing investments from the People’s Republic of China.
Foreign investment will be exclusively paired with either new companies or existing companies that experienced at least a 40 percent drop in from the previous fiscal year.
According to Kousky, there are more than 70 EB-5 regional centers in the U.S., including one other in Michigan.
Nationally, EB-5 investment opportunities have produced more than $1 billion in capital and created more than 2,000 U.S. jobs.