April 19, 2021

PSRU SUBSIDIARY, MOMENTOUSLY SIGNS EB-5 AGREEMENT

Providence Film Group, a Valiant Eagle Inc. (PSRU) Subsidiary, Momentously Signs EB-5 Agreement for Its Film Production Slate and Regional Center

(newsfilecorp.com)

EB5AN will act as the regional center. They will provide consulting services and document preparation services in connection with the I-526 Application process for investors and, in particular, will review, revise, and prepare the relevant business plans and economic reports required in connection with the official EB-5 application. The complete Project Documentation I-526 Application package will be completed within eight weeks of signing, and also after receipt of the required Project information from PFG.

The EB-5 program is regional in its nature, requiring its funding be invested into specific areas within the USA. The two prominent studio facilities chosen by PFG, the L.A. Center Studios in downtown Los Angeles (“The X Files”, “Mad Men”, “American Crime Story”, “Mr. and Mrs. Smith”,”T3″, “MI-2”), and the L.A. Castle Studios in Burbank, California (“The Mummy”, “Greenland”, “Bosch”, “Deadliest Catch”), fulfill this area requirement. It is foreseen that the PFG slate will be based around one or both of these studio facilities.

The EB-5 program is a U.S. Visa program designed to allow foreign investors to gain permanent residence into the United States. It requires a minimum investment of $900,000 (if investing in a targeted employment area, or TEA) or $1,800,000 (if investing in a non-TEA) to finance a business in the United States which will employ at least ten American workers. The EB-5 program is intended to encourage both “foreign investment and economic growth.”

Providence Film Group’s parent company, Valiant Eagle Inc., is utilizing the consultancy services of the EB5AN to ensure all appropriate EB-5 information, resources and documentation is adequately tailored to the EB-5 program’s specific needs. With EB-5 investments in place, Providence Film Group will have funding for the many different projects within the company.

Providence will fund and produce productions in targeted employment areas located in Los Angeles County. In the past decade, a significant amount of California-based productions have “run away” to other states, or to Canada, where there are greater finance incentives, including film tax credits, that California historically has not offered. Operating as a financing incentive to keep these “runaway productions” in Los Angeles and to help create jobs in the United States, the EB-5 loan will create and preserve important film production jobs in the region.

Xavier Mitchell, the CEO of Providence Film Group, says, “Our company is very excited to receive the EB-5 investment. We’ve worked for years to secure this deal. Providence Film Group has some great projects underway, and this investment will help bring our projects to life. We easily anticipate our project slate will generate in excess of $200M in revenue. The number of jobs we will create cannot be understated. With COVID-19 having such a disastrous impact on employment in Hollywood, we are confident the production climate will greatly benefit from our efforts.”

Providence Film Group is not the first film production company to use EB-5 investments for its projects. In the past, and among other companies, Time Warner borrowed $47.5 million, $100 million, and $125 million in EB-5 funds in three separate offerings. Lions Gate Studios borrowed $66 million and $50 million in two different offerings, and Sony was provided $125 million to underwrite its movie and TV productions (https://dlgimmigration.com/eb-5-film-fund/).

Continue Reading at newsfilecorp.com

PSRU SUBSIDIARY, MOMENTOUSLY SIGNS EB-5 AGREEMENT Read More »

LENDINGFRONT PARTNERS WITH FILMHEDGE

LendingFront Partners with FilmHedge to Facilitate Lending for Independent Film and TV Production

(salamancapress.com)

NEW YORK, April 19, 2021 /PRNewswire-PRWeb/ — LendingFront, a leading fintech operating system that powers business lending for community banks, credit unions, CDFIs, payment processors and alternative lenders, today announced it has partnered with FilmHedge, an alternative lender that provides short term financing to borrowers working in film, TV and media. LendingFront’s platform will be integrated into FilmHedge’s technology stack to bring efficiency, ease and access to their lending process.

“There’s been a huge demand for content this past year, as more people are streaming movies, media, and original programming from home. FilmHedge is making it easier for independent producers to borrow capital for such creative projects, and LendingFront was the only company willing to meet our highly unique needs,” said Jon Gosier, founder and CEO, FilmHedge. “Off-the-shelf software wouldn’t work with the non-standard customer data points and unique collateralization that FilmHedge uses to make loan decisions. LendingFront tailored exactly the right process for us to assess and deliver loans more efficiently and easily within these creative industries.”

“LendingFront is proud to work with a forward-thinking lender like FilmHedge. Jon and his team are making capital easier to access in an industry historically ignored by traditional lenders simply because its borrowers did not fit typical customer profiles. If media producers could even secure capital previously, the process was paper-based, people-dependent, and time consuming. FilmHedge is bringing both innovation and efficiency to its industry, and we’re delighted to be their chosen platform partner,” said Jorge Sun, co-founder and CEO of LendingFront.

FilmHedge determines the terms for its loan offers based on how a media project is collateralized. Forms of collateral include media agreements, tax credits, hard assets, and more. There are no restrictions on how FilmHedge’s capital is used in the production process.

By: LendingFront

Continue Reading at salamancapress.com

LENDINGFRONT PARTNERS WITH FILMHEDGE Read More »