Banks, business owners discuss EB-5 potential - WCAX.COM Local Vermont News, Weather and Sports-

Banks, business owners discuss EB-5 potential

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NEWPORT, Vt. -

Local banks and business owners met in Newport Monday to discuss the growth of jobs in Vermont and how EB-5 can help.

The EB-5 program is designed to encourage foreign investors to create jobs by investing in projects in the Green Mountain State in exchange for permanent U.S. residency. The U.S. Citizenship and Immigration Services says each investment of $500,000 in the Northeast Kingdom will create 10 jobs.

The Federal Reserve Bank of Boston says encouraging investors to tap into Vermont's tremendous natural resources and workforce will help promote growth.

"Having trained people, hard working people looking for jobs as well as the opportunities that avail themselves in Vermont I think will be key," said the bank's Ken Montgomery.

Ten thousand EB-5 visas are issued every year worldwide. Vermont currently has 300 EB-5 projects underway.

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