Long Beach, California (PRESS RELEASE – OctOBER 4, 2010) – Since 1990, the US government has had an expedited immigration program that allows for foreign nationals to invest or lend to US businesses that create a sufficient number of jobs. The name of this federal immigration program is EB-5. The typical requirement is 10 total jobs (direct and indirect) created for every $500,000 to $1,000,000 invested – depending on the economic factors in the specific city or state. If sufficient jobs are created over a two year period, the foreign national will qualify for their green card during that third year. This compares to an 8-10 year wait for those lucky enough to go through the normal immigration program.
US Employment Development Lending Center (USEDLC) was created to pair funds from the EB-5 program with the SBA 504 program. USEDLC has been approved by the Department of Homeland Security and designated by USCIS as the only official “regional center” specializing in small business lending in the US. We are excited to begin funding loans in the coming 1-2 months. USEDLC chose CDC Small Business Finance Corp as its partner to facilitate first mortgage loans to job-creating companies in California. We believe that this is an excellent public/private partnership where all parties win, and would not have been possible without the involvement of the SBA.
We are further encouraged by the tremendous efforts from both Senate and House for passage of the 2010 Small Business Jobs and Credit Act, which was signed into law by President Obama on September 27, 2010.
USEDLC appreciates the House passing the bill so quickly after the Senate in one week. USEDLC especially wants to thank Senators John Kerry, John Ensign, Max Baucus and Chuck Grassley and Representatives Sam Johnson and Earl Pomeroy for their leadership on this important bill helping job creation and retention for Americans.
USEDLC is headquartered at World Trade Center, Long Beach and has been designated to conduct small business 504 lending in cooperation with CDC Small Business Finance Corp as the nation’s No. 1 504 lending institution.
Appendix upon request:
- USCIS designation letter
- Executive Summary
- CA governor’s office support letter
- Good standing certificate