Critic: Immigration Prog. Draws Marginal Projects
by Associated Press
November 01, 2013 3:21 PM
A longtime critic of an immigration program that draws foreign investment in exchange for green card qualifications says the program tends to draw marginal business opportunities that have trouble securing regular financing.
Funds from the EB-5 program helped spur the construction of Northern Beef Packers, an idled South Dakota processing plant under bankruptcy protection.
Center for Immigration Studies fellow David North says many EB-5 projects have had trouble drawing money from local investors and are sort of "second-class investments."
Two former chief players in Northern Beef told The AP this week that federal authorities are now investigating the plant's finances and how the EB-5 funds were used.
The revelation came a day after Gov. Dennis Daugaard that an investigation was underway into the Governor's Office of Economic Development.