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Asia Trip Could Mean Hundreds of New Jobs for Vt.

Montpelier, Vermont - November 5, 2009

Hundreds of new jobs could be coming to Vermont following a trip to Asia looking for foreign investors.

Eleven companies went with Governor Jim Douglas. The group found dozens of foreign investors interested in the EB-5 program. That's where someone who invests half a million dollars in a business in a rural area or a place with high unemployment gets a green card. Each investment has to create 10 jobs.

Officials already announced a plan to bring a Korean company to the Northeast Kingdom creating 200 jobs. But other businesses say they got commitments that will lead to at least an additional 400 jobs.

"It gives us access to capital that we simply would not have," said Alan Cummings of Seldon Technologies. "We're an R and D firm that is making the transition to manufacturing and these funds we are looking for 40 investors-- is going to permit us to put 168 jobs in Windsor. That's going to make a big difference when we complete this."

"It was encouraging to me to see the response we got in China-- an incredibly vibrant market-- incredibly interested in this program," said Bill Stenger of Jay Peak

Officials say the top reasons people use the program to get a green card are because they want to retire in the U.S. or because they want to send their kids to college here.

Kristin Carlson - WCAX News