{"database": "press", "table": "releases", "rows": [["https://web.archive.org/web/20140221065554/http://www.reed.senate.gov/news/release/new-effort-to-boost-jobs-in-ri-through-foreign-investment-reed-taveras-pathway-capital-partners-announce-first-ri-based-eb-5-regional-center", "New Effort to Boost Jobs in RI through Foreign Investment: Reed, Taveras, Pathway Capital Partners announce first RI-based EB-5 Regional Center", "2013-11-18", "2013", "2013-11", "Democrat", "House", "RI", "Jack Reed", "R000122", "web.archive.org", null, null, "legacy", "Monday, November 18, 2013\n             New Effort to Boost Jobs in RI through Foreign Investment: Reed, Taveras, Pathway Capital Partners announce first RI-based EB-5 Regional Center \n            \n            \n            PROVIDENCE, RI \u2013 In an effort to spur job creation and boost economic development in Rhode Island, U.S. Senator Jack Reed, Providence Mayor Angel Taveras, and officials from Pathway Capital Partners, today gathered at Pathway\u2019s Providence headquarters to announce a new EB-5 Regional Center aimed at attracting foreign investment to Rhode Island.\nCreated by Congress in the 1990s, the Immigrant Investor Program, also known as \u201cEB-5,\u201d is a visa program designed to attract new capital from foreign investors interested in making a substantial investment in the U.S. economy.\u00a0 Under the EB-5 Regional Center Pilot Program, multiple foreign investors join together, each of them contributing at least $500,000 toward new U.S. business ventures that will result in a minimum of 10 full time jobs.\nThere are currently over 320 EB-5 Regional Centers operating in the U.S., including a dozen in New England, but until now there haven\u2019t been any based in Rhode Island.\u00a0 This new center could help create jobs in the Ocean State and raise Rhode Island\u2019s profile among international investors.\nRegional Centers identify investment opportunities that will create jobs in local communities, often in partnership with economic development agencies.\u00a0 They also assist in marketing those investment opportunities to investors from around the world and ensure that the investment offering complies with federal and state securities laws and SEC regulations as well as specific EB-5 requirements.\nThe centers are designated by U.S. Citizenship and Immigration Services (USCIS), the federal agency in charge of lawful immigration into the United States.\n\u201cOur designation will give developers a unique opportunity to capitalize projects in Rhode Island with the participation of foreign investors. The access to capital requires a mandate for jobs creation in order for the investor to obtain a visa,\u201d said company CEO Henry Diamond.\u00a0 \u201cIt becomes a very effective tool for project developers within the State; we foresee this as an important step in revitalizing the state\u2019s economy and have been in discussions with various projects within the Capital City with the continued support of Mayor Taveras and the director of Economic Development for the City of Providence, Jim Bennett.\u201d\n\u201cWe need to be smart about bringing jobs and economic development to Rhode Island and this program can help the state become a magnet for foreign investment,\u201d said Senator Reed, who supported Pathway\u2019s application to be federally-designated as an EB-5 Regional Center.\u00a0 \u201cWe need to work together to increase Rhode Island\u2019s competitiveness and position the state as a destination for innovation, investment, and entrepreneurship.\u00a0 This is an important program for Rhode Island with a great deal of potential to provide new entities, businesses, developments, and entrepreneurs with a new capital channel to access foreign investment and create jobs here in Rhode Island.\u201d\n\u201cI thank Senator Reed for his leadership on bringing needed projects to Rhode Island with this important investment. The location of an EB-5 Regional Center here in Providence will help us leverage foreign investment dollars in projects within our city and across Rhode Island. These investments will create much needed jobs for area workers, supporting the work we have begun with our 20-point economic plan, Putting Providence Back to Work.\u201d\nBefore an investor can participate in a Regional Center's EB-5 investment program, they must be approved by USCIS.\u00a0 Successful foreign investors who prove that their investment generated at least 10 jobs in the U.S. are eligible to get a permanent visa.\nSpending associated with EB-5 investors contributed $2.65 billion to the U.S. gross domestic product during 2010-2011, according to a report by the Association to Invest in USA.\u00a0 This report also found that spending by EB-5 investors also contributed $347 million to federal tax revenues and $218 million to state and local tax revenues.", 1, "2026-03-30T12:14:52Z", "2026-03-30T12:14:52Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://web.archive.org/web/20140221065554/http://www.reed.senate.gov/news/release/new-effort-to-boost-jobs-in-ri-through-foreign-investment-reed-taveras-pathway-capital-partners-announce-first-ri-based-eb-5-regional-center"], "units": {}, "query_ms": 1.7083128914237022, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}