Warwick, RI (12/8/14) – RIEB-5 Regional Center, Inc. received approval today by the U.S. Citizenship and Immigration Services (“USCIS”) to be the first ever U.S. Immigrant Investor Program Regional Center (“Regional Center”) in the United States, which is designed specifically for funding Made in the U.S.A. manufacturing projects that create jobs within the state of Rhode Island.
The RIEB-5 Regional Center is also the first Regional Center in the history of Rhode Island to receive approval
by the USCIS for Rhode Island’s first ever EB-5 project. The center’s initial project will fund $20 million dollars
toward Quick Fitting Manufacturing’s “Made in the USA” initiative that will create over 680 permanent jobs
within Rhode Island.
Additionally, RIEB-5 Regional Center is a vehicle that will allow manufacturers to raise low cost foreign capital
in order to create jobs in the United States, in exchange for express visas for permanent citizenship for the
foreign investor and their immediate family.
“We are excited the RIEB-5 Regional Center will revitalize the manufacturing climate for the state of Rhode
Island, creating a collaborative environment between our manufacturers, state and local governments. Since the early days of the industrial revolution, manufacturers have been challenged with financing new
manufacturing initiatives that improve their productivity and reduce their cost. Only too often, the difficulty
and high cost of raising capital created significant barriers that forced companies to seek offshore
manufacturing alternatives. Through its network of foreign and domestic investors the RIEB-5 Regional
Center will provide low cost funding for manufacturing projects ranging from $1 million to $500 million in
capital investment” said David Crompton, President and CEO of Quick Fitting, Inc.; and Founding Partner of
the RIEB-5 Regional Center.
Frank Kosky, Executive Vice President & CFO of Quick Fitting, Inc.; and Founding Partner of the RIEB-5
Regional Center added, “Our RIEB-5 Regional Center was founded to serve as the first blueprint of a complete
financing package for any new manufacturing projects within the state of Rhode Island. The Regional Center
will be accepting applications for any new projects that will revitalize the manufacturing environment and
create employment within the state of Rhode Island. The USCIS Immigrant Investor program’s innovative
financing vehicle allows manufacturers to raise project funding for initiatives that would not meet traditional
banking requirements. In fact, funding for most projects will be at an annual percentage rate below 2%.”
John Cronin, Founding Partner of the RIEB-5 Regional Center added: “We would like to thank our
collaborative partners: Commerce RI Executive Director Marcel Valois, Senator Jack Reed, Senator Sheldon
Whitehouse, Governor Lincoln Chaffee, Congressman Jim Langevin, Mayor Scott Avedisian, Rhode Island
Manufacturers Association; and Commerce RI for assisting us in this journey.”
About RIEB-5 Regional Center:
The RIEB-5 Regional Center, Inc. has received designation and approval by the U.S. Citizenship and
Immigration Services specifically to assist manufacturers in raising capital to start or expand operations in
Rhode Island. The Regional Center uses its comprehensive network of international brokers to connect
manufacturers with foreign investors interested in receiving visas for permanent citizenship.
John Cronin, Chief Operating Officer
RIEB-5 Regional Center
30 Plan Way
Warwick, RI 02886