Vermont Governor Peter Shumlin, the state commerce secretary and a Northeast Kingdom developer will travel to China next month to recruit investors in the EB5 economic development program.
EB5 is the Federal “Immigrant Investor Program” that grants visas to foreign investors if they provide $500,000 to one million dollars in a project that creates at least ten full time jobs over 2 years.
Vermont has used it to its advantage. A $600 million multi-project development in the state’s Northeast Kingdom is financed primary thru EB5. Jay Peak Ski Resort President Bill Stenger will lead the delegation, calling China a fertile market.
The group will seek investors for projects that include a biomedical research park, a hotel and the refurbished Burke Mountain resort. Stenger has been in the Northeast Kingdom for 30 years and says the EB5 program has provided affordable capital.
Vermont Agency of Commerce and Community Development Secretary Lawrence Miller will promote the agency’s Regional Center, which coordinates Vermont’s EB5 projects.
Secretary Miller adds that Vermont is among the most successful states utilizing the federal EB5 program.
The cost of marketing trips for EB5 investments are paid by the EB5 program. The Governor and other officials will leave on September 21. The week-long trip includes visits to Beijing, Shanghai and Vietnam.