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Plastics company hopes to renovate building with EB-5 funds
A California-based plastics company is hoping to obtain EB-5 funds to help it renovate a property to which it hopes to relocate.
AMA plastics, a Corona, California-based injection molding company, wants to start operations at the Hunter Business Park in Riverside County, according to the Press-Enterprise. However, a county staff report recently presented to the county’s board of supervisors said that the company would need funding to help it renovate the facility up to its specifications.
Tom Freeman, spokesman for the county’s Economic Development Agency, said that AMA is hoping to secure some of the funding for the improvements through the EB-5 visa program.
The EB-5 visa program allows foreign nationals a chance to earn U.S. green cards. If the foreigner invests $1 million (or in some designated areas $500,000) in an American business and that investment leads to the creation or preservation of 10 jobs, the investor becomes eligible for his or her green card.
According to the U.S. Citizenship and Immigration Service, a total of 1,979 green cards were issued to EB-5 investors from China in 2009.