SRC partners with Ajin USA to provide economic development and stimulus to a Target Employment Area in rural Alabama. With foreign investment secured by SRC, Ajin USA’s auto manufacturing production lines embody a vision and careful implementation of EB-5 investments for the region’s growing economy.
SRC has launched five projects : SRC Ajin Fund I, SRC Ajin Fund II, Ajin USA Fund I , SRC Wooshin Fund IV, and SRC Ajin-Wooshin Fund V in collaboration with Ajin and Wooshin USA.
Ajin USA is located in Chambers County, Alabama. It is a subsidiary of its parent company in South Korea. Ajin USA manufactures components of auto parts, body frames, and is a tier 1 supplier to Kia Motors Georgia (KMMG) and Hyundai Motor Company (HMMA). Ajin has had a 35- year- long business relationship with Hyundai and Kia.
With leading global auto manufacturers locating & investing in Alabama, SRC has worked hard to bring EB-5 investments into this industry sector in a geographic location that very much needed economic stimulus for development and job creation, which is the essence of the United States EB-5 program.
SRC AJIN-WOOSHIN FUND V
SRC Ajin-Wooshin Fund V is seeking to raise up to $30 million from 60 EB-5 investors. The proceeds of the offering will be loaned to Ajin USA to acquire and construct new production equipment and assembly lines in its existing manufacturing facility located in Chambers County, Alabama.
This project is pre-approved for EB-5 investments by the USCIS, meaning the project portion of the I-526 petition has been approved for faster and easier immigration processing.
SRC has received multiple I-526 approvals for Fund V investors. It is expected that more I-526 petitions will be approved in the future.
Based on a comprehensive economic impact analysis performed by Evan’s, Carroll & Associates, the expansion project can accommodate up to 722 jobs. Accordingly, the project can receive up to 60 investors, thus providing sufficient jobs for each investor.
|• Project Name||SRC Ajin-Wooshin Fund V, LLC|
|• Total Cost||$62 million|
|• Total EB-5 Offering||$30 million|
|• EB-5 Investors||60|
|• I-924 Exemplar||Approved|
|• Minimum Purchase Per Investor||$500,000 Per Investor|
|• Job Creation||722(already created)|
SRC AJIN FUND I
SRC provided a $5 million loan to Ajin USA to assist with the construction of a new production line in its existing manufacturing facility in Chambers County, Alabama. The manufactured parts were used in various Kia and/or Hyundai automobiles.
SRC AJIN FUND II
The $5 million loan from SRC enabled Ajin USA to construct a new production line.
SRC AJIN FUND III
Ajin USA used this $3.5 million loan from SRC to execute a new line of auto manufacturing.
SRC AJIN-WOOSHIN FUND IV
SRC provided a $13.5 million loan to Wooshin USA, enabling its manufacturing facility to acquire additional production equipment. This loan also helped Wooshin USA to construct new production lines.
Fund IV investors have received I-526 approvals and conditional green card. One investor is now in the process of filing I-829 petition.
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