Executive director named to Northeast Ohio EB-5 regional center
EB-5 investment opportunities in Northeast Ohio are one step closer after Wooster city officials recently named a former insurance company founder as the executive director of the Northeast Ohio EB-5 Regional Center (NORC).
Mike Steiner, who started Steiner Insurance from scratch more than 20 years ago, will oversee to the center’s EB-5 green card program, which aims to pair foreign investors with startup projects in the U.S, the Daily Record reports.
“I’ve been active in the community, so I’ve certainly stayed plugged in to what Wooster Growth and the Wayne Economic Development Council have been trying to do to facilitate, stimulate and retain employment in the area,” Steiner told the news source.
He added, “I concluded that my community involvement and the fact that I started my own business provided me with a lot of the skills that would be applicable in this particular venture.”
In June 2009, the U.S. Citizenship and Immigration Services (USCIS) approved NORC as one of the nation’s EB-5 regional centers, which can collectively issue up to 3,000 visas each year to foreign nationals who make investments of at least $500,000 to new businesses.
Because Wooster, Ohio, does not qualify as an area of high unemployment, EB-5 investments through NORC must reach a minimum of $1 million.