Posted by: wheel July 30, 2009
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Foreign cash for U.S. jobs
The little-known EB-5 visa program offers international investors a deal: Put up $500,000 for a project that creates 10 jobs and get a green card in return. Here's a look 5 projects funded through the program.
Source CNNMoney.com
Jay Peak Ski and Summer Resort
Jay, Vt.
$17.5 million from 35 investors
350 jobs
$17.5 million from 35 investors
350 jobs
Founded in 1955, Jay Peak has expanded from a winter ski resort to a three-season retreat. To fund further growth, it's tapped the EB-5 program to help raise $100 million.
"This capital will help us build year-round facilities that we desperately need in order to be competitive, but also helps us create full-time job opportunities for so many citizens throughout Northern Vermont's highest unemployment communities," Jay Peak owner Bill Stenger said recently at a Congressional hearing. "This program can really help other small businesses in Vermont."