The July 6 news article “Chinese investors help fuel charter school boom” raised more questions than answers.
What is the connection to the two Utah companies? How have seven North Carolina charters used the same Utah firm for financing? Why Utah? Is it its usury laws? How does a volunteer advisory board in Cornelius get hooked up with the EB-5 program that provides permanent green cards to foreign investors and then find itself paying a $450,000 penalty to the Utah firm that lined up the EB-5 investors? Did the $450,000 come from N.C. taxpayers?
Are local and/or regional banks unwilling to loan some N.C. charters money for buildings as the charters are seen as high risk? Are the EB-5 backers interested in making charter school investments or is the real interest in purchasing a green card(s) for themselves and their families?
Should charter school advisory boards be permitted to obtain funds from the EB-5 program? Perhaps your readers have additional questions.
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