Hesperia’s EB-5 program clears first hurdle

HESPERIA • As Victorville’s hopes for a municipally run EB-5 visa investor center fizzle, Hesperia’s chances for getting a privately run center that will turn local jobs into visas for overseas investors appears to be on the rise.

American Franchise Regional Center got federal approval to set up an EB-5 center here this summer, according to Agnes Yen, principal owner and vice-president of the company. Now the challenge for AFRC is lining up financing, as the program is intended to help new or struggling businesses.

Under the EB-5 visa program for immigrant investors, foreign nationals who invest at least $1 million — or $500,000 in a targeted employment area — into American businesses and create at least 10 jobs can get a green card in return. The program was created by the Immigration Act of 1990, which was signed into law by President George H. W. Bush.

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