The U.S. Department of Homeland Security approved a regional center in Cohoes that will attract foreign investors to New York and create jobs, Gov. Andrew Cuomo announced Friday.
The immigrant investor program, led by the Center for Economic Growth and Prime Regional Center, received $125,000 to provide green cards to foreign investors who commit $500,000 or $1 million and create 10 full-time jobs within two years.
“As the state works to attract businesses and jobs from across the nation, we must also look overseas to lure global investors and entrepreneurs to start and grow their companies in New York,” Cuomo said in a statement. “With this approval, the Capital Region will be more attractive than ever before to businesses from overseas interested in expanding their investments here in the United States.”
The initiative received the $125,000 in funding from the Capital Region Economic Development Council and is a push by Cuomo to attract international investments to New York.
CEG, which works to promote the Capital Region and attract businesses, contributed $12,500 to the project and plans to assist Prime Regional Center, an affiliate of Prime Companies, to market the program to foreign investors.
“The approval of an EB-5 Regional Investment Center for the Capital Region is another important business attraction and investment tool,” said F. Michael Tucker, president of CEG. “The regional center is an asset for job creation and further bolsters our region’s global stature as a destination for international business, talent and students.”