Eb5 Regional Center Program - Questions

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And I have been pleased to fulfill them and honored to welcome them. Chairman Leahy. Also, as my last inquiry, in a few of the testimony today there has actually been a pointer that, certainly, just with all the hundreds of billions, trillions of dollars prepared to invest, you ought to just go elsewhere.


Stenger. I would inform you that in this environment the capacity to increase capital for things we are doing would certainly have-- it is difficult to do so in a way that would permit us as effectively and as rapidly create things we have actually done. You can borrow money if you have obtained 50 percent down.


I could have obtained fifty percent of that if I had the $12 million in cash money to install. Everyone knows that, yes, banks have money to funding as long as you have obtained half of it in your pocket before you ask for the various other half. That is not just how business works these days.

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You are speaking from a real-world experience, not from a think container experience. I will leave that simply as a gratuitous remark from the Chairman. Legislator Grassley. Senator Grassley. Thanks. I wish to be responsible in this concern of undocumented workers. I intend to confess that we just have anecdotal info, yet I wish to ask you to what level you have to go or do most likely to see to it that the centers ensure that the investments do not produce tasks for people right here unlawfully.


Mr. Stenger. Legislator, I am a hands-on owner of a company, and I am on-property every solitary day. We have actually hired-- as I stated, at the Height we had 550 building employees on our task. The marching orders that I offered to my team is that we are to work with local companies in practically every instance to do all of the building.


They are made up of 10, 15, 20, 30 workers. They are benefiting directly from the financial investment. I understand the workers, I know their family members, and we have actually been able to utilize-- through these last 3 years of awful economic chaos, we have been able to utilize nearly every building worker in our area and the bordering regions.

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They are invested in the areas, and they are all U.S. workers. Legislator Grassley. Mr. Stenger.


Thank you. Mr. North, along the very same lines of the question I asked him, has your research study revealed examples various other-- and I just gave one instance, so I intend to admit that and be responsible regarding more info it-- of centers hiring undocumented people? Mr. North. That type of information is really difficult to acquire from USCIS, and I have to say that what we do understand about a number of the internal aspects of that agency as far as this program is worried connects to cases in which the personnel has claimed no to an application of some kind and after that the local facility or the specific business owner has gone to the Administrative Appeals Workplace-- which is part of the agency-- and there we obtain documents, we get a hearing policeman informing us what is taking place because certain case.




This is a negative application." There is an amount of poor applications out there, but just as soon as that procedure gets prior to a management legislation court do we see much in the method of information. Now, there was one instance that you stated, and let me just specify on that a little bit.

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Mr - EB5 Regional Center Program. North. The dairy products ranch had claimed 17 workers, and they got right into it, and the court located that 16 of them were illegals.


Okay. I am mosting likely to ask different inquiries of each of the 3 of you, however it manages this set problem. As I stated in my opening statement, I am concerned about the potential loophole that permits capitalists to withdraw their financial investment in regional facilities after getting their permit.


Divine, are you familiar with any instances in which an investor took out the investment and left quickly after obtaining a permit? And if you are, or if you assume it is an issue, do you believe that it is a technicality that should be closed? Mr. Divine. I would certainly say that a lot of the investors, if you asked what are their goals, they would say, "I intend to obtain a permit, and I wish to keep it.


Mr. Divine. Let me ask Mr. Stenger, is it common for a capitalist in your experience to withdraw his or her financial investment right away after receiving a copyright? Mr.


Senator, no.