Augusta -
A federal visa program to stimulate business and job growth in Western Maine was announced in Augusta Tuesday.
The U.S. Department of Homeland Security has authorized a regional center in Rangeley to coordinate foreign investment and new job creation as part of the EB-5 employment-based visa program.
The EB-5 visa program provides a way for foreign nationals to obtain a green card and permanent residency in the United States by investing in U.S. companies within the designated regional area.
Representatives from Saddleback ski resort and other businesses in greater Franklin County, and Senator Susan Collins office were on hand to celebrate the news. In order to qualify each investor must make an investment of $500,000 as well as pass an extensive background check and their investment must create a minimum of 10 jobs directly or indirectly. "For example an indirect job creation would be when a lodging facility is built it may create five jobs at that facility. But with the increased lodging in the area and more overall patrons visiting this will create more jobs in the restaurants and retail businesses in the area that do support that lodging facility."
The program covers Franklin County and Livermore Falls in Androscoggin County.
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