The PIDC Regional Center, a partnership established in 2003 between PIDC and CanAm Enterprises, LLC (CanAm), was created to sponsor investment opportunities in qualifying projects that meet the requirements of the U.S. Immigration Investor Program (EB-5 Program).
PIDC and CanAm use the immigrant investments to capitalize The Welcome Fund, which provides low-interest senior financing for large-scale, job-creating projects undertaken by strong governmental, corporate or institutional sponsors in Philadelphia. More than $608 million in Welcome Fund loans have been made to 27 projects in Philadelphia that have resulted in the creation of approximately 19,390 new, full-time jobs in the region. More than 1,200 immigrant investors and their families participate in the program, and $187.5 million in principal has been repaid in full to investors in 21 projects to date. The Welcome Fund has provided capital for projects throughout the city, including the Aker shipbuilding operation at The Navy Yard, Temple University Health System’s campus in Allegheny West, two Kimpton Hotels in Center City and Old City, and the highly anticipated fare card modernization project being undertaken by SEPTA.