EB-5 AND THE IMMIGRANT GROWTH MACHINE
By Edward S. Smith, Ph. D.
The“ immigrant growth machine”— a phrase describing those who work to spur growth in urban areas with special attention being paid to foreign capital, immigrant entrepreneurs, and economic development coalitions— is driving investment and job creation across the United States.
This article offers a brief overview of the immigrant growth machine, and demonstrates the relationship between immigrant growth machines and the EB-5 Immigrant Investor Program. Central to this analysis is the fact that the EB-5 program has helped facilitate the attraction of entrepreneurs and investment to communities nationwide, and has created jobs in communities seeking to jump-start their economies through innovative economic development programs.
EB-5 Supports Immigrant Growth Machine
The EB-5 program supports the immigrant growth machine in three key ways: First, as an important financing mechanism utilized to support economic development projects, it often leverages foreign capital to create jobs. Secondly, the EB-5 program also functions as a component of the growth machine due to its ability to facilitate and stimulate international entrepreneurship, particularly in urban communities across the United States. Lastly, due to its ability to align the interests of economic development practitioners and community stakeholders in support of attracting jobs and increased investment via immigrant populations and foreign investment, the EB-5 program serves as an integral part of the immigrant growth machine.
As an economic development concept explored by Jan Lin and Melody Chiong( 2016), and inspired by Harvey Molotch’ s( 1976) work on urban growth machines, the immigrant growth machine describes the stakeholders who work in concert to spur growth in urban areas, with a focus on foreign capital, immigrant entrepreneurs, and economic development coalitions.
Growth in the immigrant growth machine is defined by increases in economic activity and employment, and key actors include real estate developers, small business owners, and government officials. Economic activity attributed to the immigrant growth machine has been observed on the city and state levels, with leading metropolitan are-
WWW. EB5INVESTORS. COM 30