DEVELOPERS
With banks restricting their credit authorizations, the EB-5 Foreign Financing alternative can work well as a funding source for your projects. The Northeast Ohio Regional Center stands ready to assist.
The following are requirements for the EB-5 program elligibility:
- Contribute to economic growth within NORC's 16 country region.
- Fit into one of these categories:
- Bio-Science - Agri-Business, Biotechnology, Technology transfer from universities, hopsital related technology development, medical development and innovation.
- Energy - Alternative energy sources, energy conservation, and pollution reduction
- Information Technology - Process improvements and advanced manufacturing techniques
- Revitalization - including commercial and other property development
- Create 10 full-time equivalent jobs (direct, indirect and induced) for every foreign investor in the project.
You will be required to:
- Create a business plan to include earnings expectations, job creation potential, and exit strategy.
- Develop a "Private Placement Offering Memorandum" and "Subscription Aggreement".
- Meet the definition of a "New Commercial Enterprise":
- create a new business;
- purchase an existing business and simultaneously or subsequently restructure or reorganize the business such that a new commercial enterprise results; or
- expand an existing business by 140% of the pre-investment number of jobs or net worth, or retain all existing jobs in a troubled business that has lost 20% of its net worth over the past 12-24 months.
