Michigan gubernatorial candidate believes in EB-5
The recent economic downturn has had a number of negative effects, and one of the most serious of these is the drying up of capital. Banks and other lending institutions have been more wary of issuing loans, leaving many projects unable to procure funding. Fortunately, the EB-5 visa program allows businesses to receive much-needed capital from foreign investors.
Virg Bernero, a Democratic gubernatorial candidate in Michigan, appears to recognize the importance of the EB-5 visa program. In response to a question posed by Crain’s Detroit Business asking, “What is the top action you would take to create jobs?” Bernero spoke of his Main Street Michigan Agenda.
“[The] Main Street Michigan Agenda includes reforming the MBT to reward job creation and export-oriented production, establishes a state bank to provide credit to small businesses, creates green manufacturing zones at former auto sites and establishes EB-5 regional centers across the state to attract foreign investment,” he told the news source.
By embracing the EB-5 visa program, Bernero might be able to provide Michigan businesses with capital they otherwise might not be able to obtain.
Under the EB-5 visa program, foreign nationals can earn U.S. green cards if they invest $1 million (or in some areas $500,000) in an American business and that investment creates 10 jobs.