[Q] Can an EB-5 project for direct, individual EB-5 cases be structured as a loan to a job-creating business?
Generally, no, because such jobs created by the loan receiving job-creating business would be considered "indirect" jobs, and only "direct" jobs count for direct, individual EB-5 case. We even observed some direct, individual EB-5 project which did not realize this get denied on I-526 petitions because they did not realize this point. If they read www.eb-5center.com site, they would have realized this.
However, I believe a loan model might be used for Direct EB-5 IF and ONLY IF the foreign investors money need to be injected into a wholly owned subsidiary under the NCE/JCE.