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Dayton-area now a hub for foreign investment program

Dayton-area now a hub for foreign investment program

13:29 15 October in News

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StackOfMoney

A Miami County manufacturing company may be growing soon thanks to a federal program that provides a green card to foreign investors. The owner of Tipp City-based Process Equipment Co. this week was granted permission to create a regional center for an immigrant investor program. Also known as EB-5, the program allows immigrants and their immediate family members to earn permanent residency by making a substantial investment in a business. In this case, the regional center’s first project would loan money for Process Equipment to expand. “This is a great achievement and opportunity for PECo,” said Albert Naggar, owner of Process Equipment. If successful in drawing foreign investors, the center could pump millions of extra dollars into growth projects in the region. While Process Equipment is the base business for the regional center, other projects funded by EB-5 investments there can extend across 38 counties in Ohio, Kentucky and Indiana. Process Equipment makes highly engineered, custom machines — typically used for automation on a factory floor; provides machining and fabricating of components; and manufactures machines that make and inspect gears. It has about 180-employees across three sites in Tipp City and one in Huber Heights