New designation increases southern Ohio’s global outreach

The Lawrence Economic Development Corporation has received official certification to become an EB-5 Regional Center for the counties of Lawrence, Scioto, Jackson, and Gallia.

Employment Based-5 (EB-5) was created by Congress in 1990 to stimulate the U.S. economy through job creation and capital investment by foreign investors. EB-5 foreign direct investors must invest in a new commercial enterprise, create or preserve at least 10 full-time jobs within two years, and invest in at least $500,000.00 in capital investments in the rural counties of Lawrence, Scioto, Jackson, and Gallia.

This specific regional center is focused on commercial for profit companies specializing in distribution, warehousing, and logistics.

"As LEDC initiates industrial recruitment efforts on a global scale, the EB5 Visa Program will be a powerful tool. Statistics show a keen interest in the Asian communities for investing in US communities that have an established EB5 program where a green card/visa will be available to entities who create numerous jobs and make sizable investments in the US. We want those jobs and investments in our region and will go the extra mile to make it happen" says Bill Dingus, Executive Director of the Lawrence Economic Development Corporation.

“This designation will give our targeted employment area added incentive to attract foreign direct investments and increase our global outreach,” says Viviane Vallance, EB-5 Manager.

Targeted employment area or TEA is defined by law as “a rural area or an area that has experienced high unemployment of at least 150 percent of the national average.” Standard designations have a minimum of $1,000,000.00 in capital investment. For TEAS, that minimum is $500,000.

EB-5 certification in Lawrence, Scioto, Jackson, or Gallia allow each company that invests $500,000.00 in capital to gain an extra visa. The program is usually tied to a university or college to allow the investor’s child to gain access to an American education.

Source:Times Journal

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