Bluegrass International Fund to focus on Kentucky and Southern Indiana
FRANKFORT, KY. (Jan. 21, 2015) — The Bluegrass International Fund (BiF), a Frankfort-based development firm, has been approved to operate as an EB-5 Regional Center by the US Citizenship and Immigration Service.
BiF is the first EB-5 center to be exclusively focused on providing financing for large economic development projects throughout Kentucky and Southern Indiana. BiF was established in January and will attract foreign investments for real estate projects in Kentucky and Southern Indiana that spur jobs and economic growth.
The Board of Directors and staff of BiF are: Lynn Allen, Brad Cowgill, Steve Graves, Mike Grisanti, Mike Mountjoy, Barrett Nichols, Bobby Owens, Brad Ray, and Vince Tyra.
Created by the US Congress in 1992, EB-5 Regional Centers can provide low-cost financing for qualified projects that generate a significant number of new jobs through foreign investment. Lynn Allen, CEO of BiF, said approval of BiF as an EB-5 Regional Center gives it the green light to offer attractive financing for projects in Kentucky and S. Indiana that will create a substantial number of new jobs.
“This is a new ‘tool in the toolbox’ designed to promote economic growth on a large scale,” said Michael Mountjoy, BiF Chairman of the Board. “Our projects will be projects with a total price tag of at least $30 Million. Our minimum loan will be $10 Million but our sweet spot is even larger projects that cost anywhere from $60 Million to $300 Million and for which we can provide loans in the $20-$60 Million range.”