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Company seeking EB-5 investors gets well-known chairman
A former head of the Democratic National Committee (DNC) has become the chairman of a Mississippi company that hopes to attract investment using the EB-5 visa program.
Terry McAuliffe led the DNC from 2001 to 2005 and broke fundraising records, raising over more than half a billion dollars during his tenure. GreenTech, a hybrid vehicle company, will be hoping that as their new chairman he can bring that same level of success to the company, according to the Mississippi Business Journal.
Last fall GreenTech’s founder and CEO, Charles Wang, announced a plan to build a $1 billion plant in Tunica, Mississippi, but has yet to raise the capital required.
The company is hoping to attract investors who are interested in the EB-5 visa program, which allows investors to become eligible for U.S. green cards if they invest $1 million in an American business. If the area that they are investing in is economically disadvantaged only $500,000 is required. Regardless, 10 new jobs must be created from the investment.
McAuliffe was the manager of Hillary Clinton’s 2008 presidential campaign and unsuccessfully ran to be the governor of Virginia last year.