7 Tips for Businesses Looking For EB-5 Funding
If you are a business owner looking forward to funding, you know how challenging it can become. The EB-5 Immigrant Investor Program is an alternative offering funding for investors. Back in the ’90s, the US government passed an act to create the program which to date allows foreign investors to get direct visas as long as they are willing to invest at least $500,000 and create over 10 jobs in the United States.
Most of the beneficiaries are Chinese and Canadian investors. Here are seven tips for businesses searching for EB-5 funding.
- Be Transparent: Trust is important when it comes to EB-5 funding. Transparency matters here. Tell the truth about your investments and state the potential risks that will be involved. They only want to get their facts right. Do you have building and zoning permits? If not, when are you going to get them? Let them also know whether the land for development will depend on EB-5 investors?
You will also have to show your feasibility reports. Doing your homework to ensure everything is right will increase the chances of securing EB-5 funding.
- You Have To Be Marketable: There are many EB-5 projects to choose from, since competition is high you must prove yourself as the best candidate. So how do you do that? Come up with a marketing strategy that provides assurance with your project, gives answers to concern investors might have and attract interests from different regions.
First, learn and understand your potential investors so that you can create an innovative and captivating strategy that will please them. Maybe it will bring you a step closer to getting an EB-5 visa and funding.
- Make It Easy For Potential Investors: One of the best ways to acquire EB-5 visa funding from potential investors is making things simple for them. The first step is applying for USCIS exemplar status to pre-approve your project. Doing so will help the investors wait a little less.
Getting the exemplar status can take almost two years and is not easy. Once you get the approval, your plans will go smoothly, and you won’t have to do much.
- Brace Yourself For the Tough Questions: Not only the vetting firms will ask many tough questions, but also the investors who you will have to impress them. They will want to understand what their money will be used for and whether it’s secured. They will also want to know what will happen in case it doesn’t go well.
Answering these questions will give you much credibility, and create a secure project for you and your investors.
- Create More Jobs Than You Require: Job creation is part of the requirements of this program. Each EB-5 investor will require you to create at least 10 jobs for the US citizens, for the visa application to push through. The investors rely on you to make their applications successful.
If you want one investor, for example, create 12 job opportunities. It will work in your favor. Create more jobs than you need to have a buffer.
- Hire an Immigration Attorney: When you are new to the EB-5 visa program, it will be hard to attract the attention of investors and navigate through. Hire an immigration attorney to guide you through so that you can develop a robust EB-5 visa strategy and know the right investors. The attorney will also help you make connections that can help you get noticed.
- Consider Working With Regional Center: A regional center is a public or private economic entity involved in promoting economic growth, job creation, improving regional productivity, and increases domestic capital investment.
It’s an organization within USCS which eligible to receiving capital from international investors especially those seeking residence in the US via the EB-5 program. It’s beneficial in your application.
It’s not a sure thing that you will get the EB-5 visa funding, but it’s good to try. The tips above will help increase your chances. Above all, be hopeful that you can get it.
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