ICIC Recognizes the Economic Power of EB-5 By Gregory Finkelson
The Initiative for a Competitive Inner City (ICIC) published a new report in June 2014 entitled, “Increasing Economic Opportunity in Distressed Urban Communities.” The ICIC was founded in 1994 by Harvard Business School Professor Michael Porter and is considered the leading authority on inner-city economic development. Its mission is to “promote economic prosperity in America’s inner cities through private sector engagement” to create jobs, income and wealth-creation opportunities for inner city residents.
The 50-page report not only reveals the EB-5 Investment Visa program as the powerful tool that it is, but it also acknowledges that the EB-5 program has been misunderstood, misrepresented and under-promoted, lost in “the bureaucratic labyrinth” typical of many government programs. Combined with suffering from some high-profile publicity from a few instances of fraud, the ICIC believes that the EB-5 program has not been allowed to reach its full potential. In fact, the report “recognizes the significant potential of the EB-5 Immigration Investor Program to drive more resources into America’s distressed urban cores.”
The business of the ICIC is not merely research and reporting. It is well known as an action-oriented organization. To wit, it has, via the report, issued three major recommendations to help bring EB-5 to the attention of philanthropic organizations, city leaders, financial institutions, and economic and community development professionals. Those recommendations are 1) developing an educational campaign to raise awareness, 2) building a nexus of EB-5 experts to provide technical assistance, and 3) identifying and investing in EB-5 appropriate projects in distressed urban areas.
To learn more about the ICIC report and the EB-5 investment visa program, contact Dr. Gregory Finkelson at American Corporate Services or call 415-682-2550.