Hi, everyone. Thanks for joining. We’re going to get kicked off in a couple of minutes here and let the last few people joined. So, we’ll get started in a few minutes.
Hi everyone. This is Sam Silverman with EB5AN. Thank you for joining us today for our webinar on what is an EB-5 regional center. Today I’ll be joined by my colleagues Mike Schoenfeld, also of EB5AN, and Jessica DeNisi of Klasko Immigration Law Partners. Today, we’re going to discuss what an EB-5 regional center is. We’re going to talk about the differences and advantages of having an EB-5 project sponsored by a regional center versus going with a direct EB-5 project. What are the differences in terms of job creation and in terms of risks from both the immigration and financial perspective? And we’re going to hear about how one project that could be considered a direct project could also be considered a regional center project and what the major differences are between going with a regional center versus not. And so, as we go through the presentation, please submit any questions that you have through the online chat on your screen, and we’ll address all of those questions at the end of the presentation. So, I’ll introduce let Mike Schoenfeld introduce himself and Jessica as well. Mike, go ahead.
Sure. Thanks. Thanks, Sam. So, it’s great to have all of you on, and we look forward to walking through some of the basics of what a regional center is and really digging into how they’re structured and what purpose they play. A bit of background on me—prior to founding EB5AN with Sam, I used to work in private equity in New York at a large leveraged buyout firm and at the Boston Consulting Group before that.
Oh, we may have lost Jessica. So, I guess we can launch the poll, and then if Jessica joins back, we can have her give her background.
Are you able to hear me now?
Okay. Perfect. So, to summarize, I’m an attorney at Klasko Immigration Law Partners, which is a boutique immigration firm. I work specifically on our EB-5 practice group, so I help developers and individuals and regional centers structure EB-5-compliant projects.
Perfect. Well, to start, we want to launch two quick polls to get an understanding of everyone’s level of comfort with EB-5 and background. So, we’ll go ahead with those, and it’ll help us tailor some of the content. So, please take a second to click on the answers to the questions, and then, we’ll jump in.
Great. Thank you for taking a minute to answer those couple of questions. To get started, what we’ll do is we’ll talk a little bit about the flow of funds and how investors come into a project that is sponsored by a regional center. So, from a high level, EB-5 projects that utilize a regional center have capital that’s invested from the investor—$500,000 if it’s in a targeted employment area (TEA), or $1 million if not in a targeted employment area—which is then invested in a new commercial enterprise or an EB-5 project, which is sponsored by an EB-5 regional center.
The regional center then has to collect proof that the jobs were actually created in the project, 10 jobs per investor. And then, once that information has been collected, it’s submitted to the government as part of each investor’s I-829 filing. And then, based on that information, the government then makes the conditional green card permanent for each of the EB-5 investors. The key difference when you’re thinking about a regional center versus a project that does not have a regional center is really job creation and ease of use for operating the EB-4 project. So, when we’re doing the comparison between what is a regional center and what is a project without a regional center, the main difference, again, is the employment calculation. So, when you’re utilizing a regional center, a good example to think through this is a gas station project. Let’s say that you’re one investor, and you want to do your own EB-5 investment, and you happen to be trying to build a gas station.
Well, if you wanted to do a direct investment as a gas station project, you would have to hire 10 full-time employees, 10 full-time W-2 employees, for at least two years and keep track of their I-9s, W-2s, pay stubs… and those 10 workers would have to be employed for two full years in order to qualify for one EB-5 investor in that gas station project. Typically, one gas station is not going to have 10 full-time employees like that—maybe two or three or four—but likely not 10, because it’s just a small business and it doesn’t need to have that many people. However, if that same gas station was sponsored by a regional center, you would also be able to count indirect and induced job creation, which would come from the construction costs to build the gas station and also from the revenue generated once the gas station was open, right?
So, you’re basically taking economic multipliers. Let’s say that the economic multiplier for construction costs was 7.5 per million. So, if the gas station costs, let’s say, $2 million to build for construction, then you’re getting 15 EB-5-eligible jobs—$2 million times 7.5 jobs per million gives you 15 EB-5-eligible jobs that you automatically get just by showing that the $2 million was actually spent on the development of the gas station. And then, the revenues generated once the gas station is open would also be counted in a similar way. There’s some economic multiplier assigned for $1 million dollars of revenue created. So, once the gas station was open, any revenue that was created would also be counted toward the total number of jobs. And so, by using a regional center, you’re able to get a project that probably wouldn’t create the 10 full-time jobs from a traditional standpoint of 10 W-2 employees if you did a direct project, but with the regional center, you’re able to get to that 10 jobs or more a lot easier with the same project by counting construction expenditures and revenue generation once the business is open. And so, what this does is it allows projects to raise more capital as a result of using a regional center. And it also allows investors in those projects to have a lower amount of immigration risk, because it’s a lot easier to show that you just spent a certain amount of capital or created a certain amount of revenue than it is to maintain very detailed records about all of the employees that were involved in the project over a two-year period.
And one other thing that’s a very common misconception in EB-5 is that targeted employment areas are only available to regional center projects. The primary difference between a direct investment and a regional center investment is the job creation methodology—nearly everything else remains the exact same between the projects. So, historically, regional center projects have dominated the marketplace as being well over 95% of EB-5 projects. And the other key difference is that at the time of I-829 petition, or removing the conditions on your green card, the regional center has a much higher success rate because the tracking of the jobs is significantly easier. So, although both options can work for the vast majority of projects, most use the regional center model because it makes job creation tracking easier. And also, it creates more jobs than a direct project.
The other thing to note, too, is that overall, it’s typically less expensive to use a regional center. If you hire 10 full-time employees for two years, even at minimum wage—$25,000 per year, let’s say times 10 people is $250,000, times two years is $500,000 just in salary expenses to hit the 10 employees for two years. And that assumes that there isn’t any turnover and everything goes perfectly. But as most of you know, there’s a lot of turnover at the minimum wage type of job position. So, it’s likely you’d really have to have more than that, and you’d have to keep even more detailed records given the turnover. So, it ends up, in most cases, being cheaper and more efficient to just use a regional center versus trying to do it all with traditional W-2 employees. So, just to summarize, again, the job creation while utilizing a regional center license—it’s the total of the direct, indirect, and induced jobs that come from construction expenditures and revenue creation, which is going to vary by the location of the project and the industry.
So, for example, spending $1 million on construction costs in Miami is going to be different than spending $1 million on construction costs in Charleston, South Carolina. So, the numbers are going to vary, but it’s the same math equation. So, as an example, here in South Florida, if you spend $1 million on hard construction costs in South Florida, let’s say that’s going to generate 16 jobs. The only key thing you need to know about the differences in these multipliers is it’s going to vary by location. So, you know, please reach out to us if you’re considering a project in a certain area, and we can run the numbers. We also have a free job calculator on our website where you can type in the amount of expenditure and revenue and get an estimate of how many jobs your project will create. The other thing to note is that for projects that last more than two years for the construction period, the multiplier numbers are a little bit higher.
So, for example, if construction was 25 months, let’s say—more than two years—then the job multiplier is probably going to be something like 20 jobs, let’s say, for South Florida. But if it was only 15 months of construction, then that multiplier is going to be lower, like 16 jobs. So, there’s a difference in the multiplier if your project is more than two years, and the reasoning behind that is that you’re trying to have 10 jobs for two years. So, when the construction lasts for under two years, you are not able to count the direct jobs. So, you are only getting credit for indirect and induced jobs when construction lasts for under 24 months. If it lasts for over 24 months, you are able to count the direct jobs as well, which typically leads to a significantly higher multiplier for that expenditure. So, one point of confusion is whether a project can still use a regional center if the construction process is less than two years.
And the answer is yes, right? The only difference is that if it’s more than two years, you’re going to get a little bit more job creation, but many, many projects user regional centers even if their construction period is less than two years, because they’re still able to get jobs from that shorter period—it’s just a matter of how many jobs, right? So, that’s just one common question that people ask—“Can I still get jobs from construction even if my construction period is less than two years?” And the answer is yes. So, this is kind of a simple math equation here. If spending $1 million on construction gives a multiplier of 16 jobs, then if your whole project is spending $25 million, then you’re going to create 400 jobs for the project. And all you would have to do to prove the job creation is keep track of all of the receipt and records showing that you actually did spend the $25 million over the development of the project. And then, USCIS will give you credit for 400 EB-5-eligible jobs, or enough jobs for 40 investors.
So again, once the EB-5 project has been completed and developed and you’ve got of the expenditures and the revenue creation that’s taken place, the regional center will provide that information to each investor’s immigration attorney to be included as part of their I-829 filing, which basically removes their permanent resident conditions and shows USCIS that the 10 jobs that were projected to be created through the EB-5 investor’s investment in the project in fact actually were created. And now, since the investor did meet the requirement of keeping their capital at risk and creating the intended and minimum 10 jobs, the investor’s conditions on their green card should be removed. And so, that is typically done by the regional center providing that job report. And then, each investor’s immigration attorney is the one who actually submits those documents to USCIS to get the investor’s conditions removed. And so, again, to quickly summarize, there are a couple of key reasons why most project sponsors and investors choose to work on a project or be an investor in a project with an EB-5 regional center involved.
And those reasons are, as we mentioned, favorable job creation—it’s easier to attract jobs. You’re going to get more jobs as a result of using a regional center, and it’s a lot less expensive and less burdensome to track the jobs that were actually created instead of having to have all of the W-2 pay stubs and deal with employee turnover and timing. All you’re doing is tracking construction expenditure and revenue generation, which, if you’re having audited financials and you have any kind of third-party financing or construction loan, you’re likely going to have all of those tracking systems in place already for construction and revenue generation anyway. So, there’s no additional cost or time required to do the tracking that’s required. And then, the documentation is much easier to just provide the receipts and the audited financials showing the revenue creation that took place when it comes time to file the I-829 petitions for all of the individual EB-5 investors. So, all three of those components all result in lowering the immigration risk for the investors. And so, Jessica will now kind of walk us through some of the responsibilities for regional center and summarize how the immigration side of it works and how the regional centers typically work with associated immigration counsel for individual investors.
Okay. So, a regional center is basically tasked with two things. They’re supposed to promote economic growth, and then there’s also an annual reporting requirement, where they inform the government what’s happened through the regional center to promote economic growth. USCIS views this as sponsoring projects that take on investors. And then, the investors file I-526 petitions that show jobs are going to be created. This means that regional centers have to find projects to sponsor, conduct due diligence on different projects, and then ultimately enter into some sort of an agreement to work with a project that’s going to take on investors. In addition to that, regional centers have, right now, an annual reporting requirement—they have to file I-924A supplement to their original center designation every year. The I-924A tracks a number of things.
It tracks the flow of funds through the regional center. So, you’re showing USCIS how much has been put in escrow from investors, how much has been released, and then how much has been used to create jobs. You also generally give USCIS for this report a rundown of all of the projects that you’re sponsoring, as well as the projects that you are considering sponsoring. And then you also have to show USCIS that the jobs have been created. So, Sam was talking a lot about this economic model that’s used in the expenditures and so forth. You sort of provide this calculation to USCIS and just report on the fiscal year. The regional centers are also tracking the immigration process for the investors themselves. How many investors have filed I-526 petitions?
How many have filed I-829 petitions? Approvals, denials—things of that nature. Regional centers now also—this is sort of a new thing that USCIS has announced—they’re also subject to audit by USCIS. So, effectively, a representative from the service will provide notice and then ultimately visit the regional center, request documents, review the documents, and basically ask questions to make sure that the regional center is tracking the flow of funds and fulfilling their responsibilities. If a regional center fails to promote economic growth or fails to file a I-924A, USCIS will issue a notice of intent to terminate the regional center’s designation, and then the regional center needs to try to respond. So, you’re actually going to take on the investors and receive the EB-5 capital through a regional center through working with an immigration attorney.
There are a package of documents that are filed by the investors with their I-526 petitions, and then the investors make their investment in whatever the company is and file the petitions and wait until they get a visa, and then wait for the two-year period of conditional residence before filing an I-829 petition, which Sam talked about in depth. And this is not a legal distinction, but there are regional centers that are really involved in the projects. They market, they may have some sort of relationship with the developer. And then, there are EB-5 regional centers that just sort of offer their designation. They just affiliate. This is more passive—no involvement in the project per se. In both cases, though, the regional center has the annual reporting requirements. So, this is just to summarize what we’ve talked about so far—a regional center is effectively a designation that’s received from USCIS. This designation allows you to sponsor projects within a specific geographic region. And more importantly, as Sam talked about, it allows investors to count indirect jobs towards their job creation requirement. The regional center has the annual I-924A requirement, it’s subject to audit, and it has to report on the investors’ status in their immigration process, the jobs created, and the flow of funds through the regional center.
Excellent. Well, so, I guess the summary there is… so, we went over in the beginning why you would use a regional center. So, the benefit is you get to increase the job creation by using economic multipliers. And what is a regional center is a USCIS-designated entity, and at the end of the day, the job of that entity is to report on the activity going on within the regional center, both on the project side and on the investor side. And it does that through the annual I-924A report. And as Jessica mentioned, there are different ways the regional center can interact with projects. The goal of the regional center, and the purpose, is to report to USCIS. It can also take on additional roles of actually being the project issuer, or the developer can be the regional center themselves. And there’s many different hats that are worn in an EB-5 process. And I would say that this is one of the largest misconceptions historically in EB-5—now what is a regional center? People used to believe that it was the developer themselves or that it was the issuer. And what we really want to clarify here is that the regional center’s role is to report to USCIS on the job creation in the project and the individual investors.
But the regional center does not have to be the developer. One other thing to note as well—and this kind of an area of discussion—is that in many cases, when you have a project, there’s typically the regional center, the issuer—the company that’s actually putting together the EB-5 project and bringing it to market—and then the last component is the developer, the person who’s actually building the building, right? So, those are kind of the three roles—three hats, per se. So, again, the regional center company is in charge of tracking jobs, reporting to USCIS, not touching the money coming from the investors—just job creation reporting only. Then, the issuer is the company that’s actually putting together the offering for investment and going to market it to investors. And then, there’s the developer, the person who’s receiving the investor money and actually building the project.
So, in some projects, it’s the same company or same group of people doing all three roles—owns the regional center, is the issuer, and is the developer. And so, what we want to highlight here is that it’s really important for the issuer and the developer to be separate, for a number of reasons, but the main thought there is conflict of interest. If you have a project where the issuer, the person making the investment into the project, is the same person as the developer, then you’re basically loaning or investing money from one hand to the other. And so, that relationship—it typically doesn’t end well for EB-5 investors, you always want to have as much independence as you can. And so, it’s fine if the regional center and the issuer are the same group or party, but you want to have independence between at least the issuer and the developer of the project.
So, you always want to evaluate a project with those criteria in mind. If you’re planning to set up a regional center and operate the regional center yourself, it’s typically better, more attractive to investors, to have that independence from the beginning. And so, now we’ll take a short break and show a short video to highlight some of the other upcoming webinars that we have and talk to you a little bit about how we work together with projects across the country that are sponsored under our regional centers.
Sam and his team were by far the most open and willing to provide information of any of the people we talked to. Very accessible—for a company that does so much and does so much all over the country, that an attorney like me can have direct access to the managing partners and immediate replies.
Hi, everyone. Sorry about that. We were having some technical difficulties, but we’re back now and the slides are back up.
So, can we move to the next slide? Great. So really appreciate everyone that stayed on during that quick break. One thing that we should talk about is how we can help with either a situation where you’re an investor that wants to do your own project—build a restaurant, build and open a restaurant, build a gas station, build an apartment building—and you plan to be the active investor in the deal and drive the project, or where you’re looking to be a passive investor in a larger project, typically a real estate project, and still receive the benefits of the EB-5 program. So, an active project requires documentation that’s customized for your deal. So, if you were going to open a restaurant, it requires the business plan, an economic report, typically the operating agreement, and some very basic legal documentation for how you are going to run your business.
It’s still advisable to use a regional center to sponsor an active project due to the things we discussed before—the easier job creation tracking and the enhanced job creation through economic multipliers. And we are able to help put together the documentation for these active projects. We have a complete turnkey solution to help investors put together the documentation. And then, they would work with an immigration attorney such as Klasko Immigration to file their individual petition. The other option, and what the majority of investors choose to do, is join an existing project, where they have no direct operational control, and there’s a little less job creation risk because they’re part of a much larger project that may already be ongoing with job creation occurring. So, some examples of some of these passive projects are larger real estate developments, like a hotel development, or a large condominium development, or an office complex.
The benefits here are that the investor can passively invest their money and, through the job creation, end up with a green card. And sometimes, these projects are even pre-approved by the government and have an exemplar petition. So, for select projects, we are able to help investors find a high-quality project. So, whatever situation the investor is in—if they want to structure their own deal, we can help with the documents. Or if they’re looking for a project that is safe from an immigration and financial risk, we can help them find a project that meets that criteria.
As Mike mentioned, there are three main areas where we work with clients on. One is the regional center side for clients who want to do multiple projects—typically, developers who have multiple projects in a particular region of the country. We set up new regional centers—typically, 15 to 20 counties is what we recommend to get started. We have a 100% approval rate to date in setting up regional centers for clients. We own 15 regional centers that we set up ourselves, and we’ve set up another 100 or so regional centers out of the 900 that are currently approved. For clients who have projects that are ready to go and don’t want to wait to get their own regional center approved, we provide access to our 15 regional centers that cover 27 full states, including Washington, DC. And so, if the project meets our immigration and financial risk criteria, then it can affiliate or effectively rent one of our approved regional centers today and not have to wait the year or so it would take to get their own regional center license approved.
The last piece, as Mike mentioned, is the project documentation. So, for investors who have a project or developers who have a project that they want to go and recruit EB-5 investors for, we work together with either the individual investor or with the project developer to structure the complete set of I-526 petitions, buying documents, business plan, private placement, memorandum, loan agreement, limited partnership agreement, et cetera, that is required for each investor in the project to file with USCSI. And so, we complete that set of documents as a single point of contact, whether we’re working with the EB-5 investor or with a developer who’s looking to bring in multiple EB-5 investors for this particular project.
As we mentioned before, we have 15 regional centers that cover 27 full states. On the right-hand side here, you’ll see a map of all of the different states that we cover—pretty much all the coastal states and a couple in the Midwest as well in Colorado. The way we structure all of our affiliation relationships is with a one-time affiliation fee to join the project and then a per-investor administration fee due when each investor files their I-526 petition. And so, if you have either your own project that you want to have sponsored by a regional center, or you’re looking to put together a project and bring in third-party EB-5 investors, if you’re in any of these states, we’d be happy to talk to you about sponsoring your project and see if it meets our immigration and financial risk criteria to be sponsored by one of our regional center licenses.
So, when a project joins our regional center, there’s a few things that we’re looking for primarily when we evaluate the immigration and the financial risk of the project. So, once we go through everything and the project meets our standards, we provide several other services outside of just regional center affiliation, the ability to immediately bring your project to market. We also can provide some advice on the documentation, if you have your own team in place that’s putting it together. And we can advise on what we see as market conditions in the current market and what we believe will help the project clear the market. We also can put you in touch with select immigration attorneys like Klasko and Jessica that are able to help your individual investors file their I-526 petition.
One tool that we’ve developed to help projects is a national regional center database. On the official USCIS website, you’re able to look up regional centers and see what state they have coverage in, but you actually don’t know what the specific geographic coverage is of the regional center. Recently, USCIS introduced a policy where you need to have the regional center have the exact geographic coverage of the project—otherwise, there is the risk of an I-526 denial, and you are not able to expand the regional center through an investor petition. So, what this means is that it’s critical to check the regional center’s designation letter that is sponsoring the project and then make sure it has the exact county where the project is located. We went through and submitted a Freedom of Information request to USCIS and have gone through tens of thousands of pages of approval letters and regional center designations to create a comprehensive database where you are able to do type in an address and look up exactly which regional centers cover the location of your project.
For a project that’s in New York City, like Manhattan—I would guess the majority of regional centers with a New York State designation cover Manhattan. But for many other projects… let’s say you were doing a project in North Carolina, and your project was in Asheville. Maybe only a small minority of North Carolina regional centers actually cover Asheville. And rather than having to call every single regional center on the list that’s on at USCIS, you’re able to quickly get down to the regional centers that could actually sponsor your project. As we mentioned before, all of our regional centers cover at least one full state and often multiple states. So, our goal is to provide the most comprehensive network of regional center coverage so no matter where your project is located, as long as it meets our immigration and financial risk criteria, we are able to sponsor your project.
And as we talked about earlier, and as Mike mentioned, we don’t discriminate based on project size. We have many clients who have smaller projects—typically one to five investors—that are associated with our regional centers. We also have larger projects with more than 100 EB-5 investors in their projects. So, as long as the project meets our integration and financial risk criteria, we allow the project to join one of our regional centers. And so, if anyone has any questions on what we’ve covered so far—I think we have one more slide left, but please, type in any of the questions that you have, and we’ll address those in a minute or so here. Actually, excuse me, this is the last slide. So, we’ll now open it up for questions. And if anyone has a longer question or wants to set up a call with one of us to get some kind of more detailed advice on a particular question or a project question that they’re working on, feel free to send us an email at info@EB5AN.com or call us.
Speaker 3 (46:54):
But now we’ll open it up for shorter questions and address some of those. We’ll read off a couple of them and we’ll try and address them as best we can here in the next five or so minutes so that we get everyone out on time.
One question that we saw a few times was, “How do I select a regional center to work with, and what should I look for in that regional center?” So, the simple answer there is you want to partner with a regional center that, number one, has a track record and is experienced in EB-5 and understands what the requirements are for a regional center and, number two, is going to be there for the long run. So, when you work with a regional center, that EB-5 process is a multi-year, five+ year process, where you are going to be married to that regional center and going through the process of working with them every year to report to USCIS. So, as you’re thinking about which regional center to work with, you want to look at the operators that are running it, the track record of success, and whether this is a company that you want to work with for the next five+ years. So, it’s really important to keep all of those things in mind when selecting which regional center to partner with.
So, this is Joe Burton. I’m also with EB5AN here, and I will bring up a few questions in just a minute. A reminder—if you have any questions, use the webinar tool to please send those in, and we’ll address those in just a second.
So, one other question that came in was, “How does a regional center charge for services?” And this is another important piece to consider. So, there are some regional centers historically that would try and get involved in the project and take part of the interest spread every year and be part of the project and make money this way. What we believe is that the regional center’s core responsibility is diligencing the project, which should be one fee, and then reporting on that project annually to USCIS. There is no need for a regional center to be prohibitively expensive and try and build themselves in the interest spread of the deal. A one-time upfront payment per investor is a somewhat standard structure that is used when you partner with a regional center that is primarily reporting on the project and providing tracking services.
And so, on that point as well, there is no official government requirement as to how a regional center can structure their involvement financially with the project. So, you will see a lot of regional centers trying to get some recurring payment or interest or equity participation in the project. There’s no government requirements or rules that govern how a regional center can charge. And so, our approach has basically been to provide as much transparency and consistency with all of our pricing and kind of how we approach projects. And so, all of our prices are published on the homepage of our website, and it doesn’t matter if it’s a one-investor project or a larger project. All the prices are all public and consistently applied across projects based on size and geographic location.
Another question that came in is, “Is there exclusivity for a regional center for a specific geographic area?” So, is there only one regional center for New York City or only one for South Florida? And the answer to that is no, there can be as many regional centers covering the same geographic area as regional centers desire. So, there is no limit of a one-to-one relationship. And if a regional center has told you that they are the only regional center in Miami, that that is a false statement. So, regional centers are designated for a certain geographic region. Typically, it’s a smaller area—one to two cities. We have been able to get our regional centers approved for large geographic areas, some for multiple states, and we cover 27 states, but that is not to say that there aren’t other operators in each of those 27 states. So, that is a misconception in the industry. New York City, for example, could have 100 regional centers that cover the city.
So, one question we got that’s going to be relevant to the group is, “Do we have coverage in the state of Ohio?” We just received approval for an expansion of one of our regional centers, and we now cover the full state of Ohio. So, if you’re developing a project in Ohio, feel free to reach out to us, and we can get that conversation started. Another question that I’m handing off to Mike is, “What’s the best way to network with investors in general?”
We had a recent webinar on that—how to market EB-5 projects. I would suggest going through and finding the recording of that because that will go much more in depth than what we can cover here, since this is primarily focusing on what a regional center is. But I would highly recommend going and checking out that webinar. And if you can provide your email address, Joe will send you a link to a recording of that, where we go into detail on how investors are typically identified in EB-5 projects today. That seems to be it for questions. Great. So, we want to thank everybody for the time to dial into this and for being on the webinar. Please reach out if you have any other questions. We also appreciate feedback. So, let us know if there’s anything that we didn’t cover that you wanted to, or if you have any suggestions for future webinars to help make this more informational and helpful to anyone that dialed in. And we’d like to also think Jessica for joining us on this one and to Klasko Immigration for participating.
And if anyone has any specific immigration questions, you can reach Jessica at email@example.com. And when we close the webinar now, there’s going to be a short survey that’ll pop up. That’ll just take about one minute to complete, and we’d really appreciate any feedback and comments that you have so that we can continue to refine and improve this webinar for future audiences. And again, if you have any specific EB-5 questions or want to discuss a project that you’re considering or are interested in getting some more information about some quality projects that are passive, we can provide some more information on some of those projects as well. The best way to get in touch with us is going to be to send an email to firstname.lastname@example.org or give us a call at our main number as well. And there’s a lot of other helpful EB-5 projects and program and project, information available on our website at eb5affiliatenetwork.com, and there you can find all the free tools and a lot of additional information that we didn’t get a chance to cover in today’s webinar. So, thank you again for joining, and we look forward to hearing from you. Thanks.