The Mountain Times

Vermont EB-5 Regional Center recognized as best in the nation

The Agency of Commerce and Community Development's EB-5 Regional Center has again received the EB-5 Regional Center of the Year Award for the second year in row by the Artisan Business Group.

The Artisan Business group is one of the largest EB-5 brokers in the world, dealing primarily with the Chinese investor marketplace. In giving the award, the Artisan group noted that as the only government-run regional center in the country, Vermont stands out with its strong governmental support, including direct involvement in the program from Gov. Peter Shumlin and Sen. Patrick Leahy.  Artisan further states that Vermont's intensive application process and oversight has led to stronger than average projects, creating a strong market brand for Vermont.

The main focus of Vermont's work in EB-5 is job creation. "These investments require job creation, so becoming the industry leader nationally not only provides significant investment capital for Vermont businesses, but also creates jobs for Vermonters," said Commerce and Community Development Secretary Lawrence Miller.           
The Vermont EB-5 Regional Center was created in 1998 and is managed by the Vermont Agency of Commerce and Community Development. The federal program gives a green card benefit to investors who invest at least $500,000 in an approved project, and must personally show that that investment creates at least 10 direct and indirect jobs.

Since 1998, more than $250 million has been invested in Vermont by EB-5 investors in companies such as Jay Peak Resort, Sugarbush Resort, Country Home Products and Seldon Technologies.

The year 2011 was an especially strong year for the Vermont Regional Center, with more than $100 million estimated to have been invested in Vermont projects alone.  With almost 200 regional centers in the country, this constitutes almost 15 percent of all EB-5 investment nationally for the year, showing Vermont's strong position in the marketplace.

"Without the EB-5 program, many of these projects would not have found the capital they needed for their expansions, and the hundreds of jobs tied to them would not have been created," said James Candido, the director of the EB-5 for the State of Vermont.

Candido added that the way Vermont has structured its Regional Center is the biggest reason for its success, "EB-5 investors are looking for as much safety as possible in their at-risk investment. Since Vermont was one of the first EB-5 Regional Centers in the country, we have a solid understanding of EB-5 and a significant track record that benefits our projects and market perception," he said. "The award from the Artisan group is significant for both present and future Vermont EB-5 projects, since Artisan is one of the largest broker firms that pair Chinese investors to EB-5 projects. Roughly 50 percent of all EB-5 investment in 2011 was from Chinese nationals, so this is an important recognition."

Tagged: Vermont EB-5