Press Release: Invest Atlanta Announces New Foreign Investment Program
For Release: October 5, 2016
Invest Atlanta Announces New Foreign Investment Program
EB-5 Regional Center to Increase Availability of Foreign Capital for Economic Development
ATLANTA – Invest Atlanta today announced the Invest Atlanta Regional Center, a foreign investment program to fund economic development projects and job creation in Atlanta through EB-5 funding. The Invest Atlanta Regional Center will also serve as a vehicle to promote the City of Atlanta and its economic development projects internationally.
EB-5 Regional Centers are organizations designated by U.S. Citizenship and Immigration Services (USCIS) that sponsor capital investment projects through funding by foreign investors. Invest Atlanta will launch the Invest Atlanta Regional Center in partnership with GILS Management Group, a private firm that specializes in EB-5 programs. The center will review and approve projects to receive funding, giving top priority to those located in federally designated Target Employment Areas (TEAs) throughout the City of Atlanta.
“I am pleased to launch this important initiative which extends the reach of our economic development programs to international markets, bringing additional investment to the City of Atlanta,” said Mayor Kasim Reed. “Over the past six years, we have worked to bring billions of dollars in both foreign and domestic investment to the City of Atlanta, resulting in economic, job and population growth throughout the city. The new Invest Atlanta Regional Center will further support our efforts and provide investors another opportunity to choose Atlanta.”
USCIS recently approved Invest Atlanta’s application to become an official EB-5 regional center, making it one of only two government-led EB-5 regional centers in the State of Georgia. The Invest Atlanta Regional Center will begin accepting applications in November 2016 from developers seeking funding for economic development projects.
“To increase investment and jobs in Atlanta, we need to leverage all available tools that create meaningful economic and community development projects,” said Dr. Eloisa Klementich, President and CEO, Invest Atlanta. “We need to think globally about new ideas and options, hence I look forward to working closely with our partners to maximize the positive impact this initiative can bring to Atlanta.”
EB-5 funds provided by foreign investors will be pooled together through the Invest Atlanta Regional Center and disbursed for local projects as a loan. Proposed projects must create at least 100 jobs to be viable candidates for funding. Investments obtained through the program can finance senior or subordinated loans and can be combined with Invest Atlanta’s New Markets Tax Credits (NMTC) and Tax Allocation District (TAD) programs. EB-5 funds will typically be available as low-interest 5-year loans.
About Invest Atlanta
Invest Atlanta is the official economic development authority for the City of Atlanta. Its purpose is to strengthen Atlanta’s economy and global competitiveness in order to create increased opportunity and prosperity for the people of Atlanta. Chaired by the Mayor of Atlanta, and governed by a nine-member board of directors, Invest Atlanta’s programs and initiatives focus on developing and fostering public/private partnerships to create jobs, grow the economy, revitalize neighborhoods, attract investment, spur innovation and encourage entrepreneurship. To achieve these goals, Invest Atlanta leverages the benefits of bond financing, revolving loan funds, housing financing, tax increment financing and tax credits.
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