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Grand Bear Looking Abroad For Financial Help

Posted by wlpo on May 31, 2011

As its goes through the bankruptcy process, Grand Bear Lodge in Utica is getting a financing boost from foreign investors.

The lodge is set to receive 6 million dollars in funding from a federal program called “EB 5”.  Congress created the program in 1990 where foreign investors make available at least 500 thousand dollars and create at least 10 jobs in exchange for a 2-year conditional visa.  After the jobs are created and a 2-year probation period ends, investors and their families become lawful US citizens.  It’s something the Wall Street Journal has deemed “The Million Dollar Green Card”.

Grand Bear’s Joe Hook says the funding will help them “quickly exit their re-organization process” which is part of filing for bankruptcy.  He says with banks unwilling to lend, this foreign investment program is an “innovative way”
to get money where they otherwise may not have been able to.

Hook says he’s been studying this idea for two years and the money will preserve jobs at the resort.

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