More Developers Turning to EB-5 Visa Program for Construction Funding

With banks offering very little in the way of funding for construction projects, a number of developers across the country are looking to the federal EB-5 visa program to secure financial assistance from foreign investors, according to a recent article in the Wall Street Journal.

According to the news provider, the use of the program nearly doubled last year to 1,995 investors applying during the fiscal year that ended in September. Additionally, when the economy was booming in 2006, there were only 486 applicants, according to the U.S. Citizenship and Immigration Services.

Through the EB-5 visa program, foreign nationals have an opportunity to obtain U.S. green card eligibility by investing $1 million (or $500,000 in some areas) in an American project or company that either maintains or creates at least 10 full-time jobs.

Throughout its history, the program has attracted investors from a number of foreign countries including India and China, and has helped fund projects in a variety of industries from tourism to manufacturing, the news source said.

One of the most high-profile examples of projects utilizing EB-5 funding is the Nets basketball arena in Brooklyn, New York, which is currently under construction. Some people close to the project have said that the developers have secured financial commitments of approximately $249 million from nearly 500 foreign investors, according to the Journal. That kind of financial assistance may not have been possible from a local bank.

Evan Zeppos, a spokesman for developer Jackson Street Management, which plans to raise a significant amount of money for its recently approved Milwaukee Marriott Hotel, told the news source that the EB-5 visa program is particularly helpful in such difficult economic times.

“It’s an attractive alternative,” Zeppos said. “Any developer knows now that for financing, the faucet is still very tight.”

Some members of Congress and other legislators, including Vermont Governor Peter Shumlin, have also decided to promote the program in order to stimulate the local economy and create jobs. In his recent inaugural address, Shumlin said that one of his top priorities was for Vermont to take more advantage of the EB-5 visa program, which would assist companies in the state, according to the Burlington Free Press.

Your Guide To Craft A Unique Construction Cover Letter

A construction cover letter is the perfect accessory to your CV or resume. It is the different type of your document but it is also very important. The information or content for this cover letter should be brief and structured that emphasizes your work experiences, accomplishments and technical skills. It also serves the purpose of sending a resume to an employer. The sample cover letter will show you in the best way in front of your hiring manager. Here we are giving you an example which is written below.

Making your resume and job letter is a very crucial step in applying for the job. Basically it provides you an idea of how to show yourself to your employers. It should be more effective and unique. I have sent my resume to my employer along with his format of letter. It illustrates my training and experience and my professional skills:

I am proud of my knowledge and skills and completely willing to work even the most complicated jobs in order to minimize the project problems.

I have the quality to express my ideas and I can share those ideas to the architects, designers, higher level management employers.

I am very proficient in assessment and blueprint collaborating with the architects throughout the complete course of the job that would unnecessarily consume the customer’s time and money.

I am a highly qualified and skilled person in constructing buildings and maintaining life long relationship with the customers. I am total willing to give the advice free of charge in the interest of client goodwill whenever necessary.

Have excellent communication and interpersonal skills in mentoring, guiding, motivating, training, and many other activities. Based on my professional work experience and strong commitment, I feel that I can add lots of value to the entire team of the company. I am looking forward to discuss my abilities in more detail and I am also available for the personal interview at your ease.

I know you are very busy and you have lots of job applications to review. So please let me know if you wish to discuss your needs and my abilities to meet them. Thanks for your consideration and time.

Yours Sincerely
Applicant’s Name and Signature

I have provided you a sample of description of construction cover letter for the job. You are completely free to use the description that is written above and can also alter them according to your needs and requirements. All the best for your interview!