The Welcome Fund (EB-5) Loan provides low-interest senior financing for large-scale, job-creating projects undertaken by strong governmental, corporate or institutional sponsors.
The federal EB-5 program provides an opportunity for prospective immigrants to invest in U.S.-based commercial enterprises, qualifying the investors for residency status. The program is under the oversight of the United States Citizenship and Immigration Services (USCIS), which has approved PIDC and CanAm Enterprises to serve as a Regional Center for Philadelphia.
|Loan Amount||The minimum loan amount is $10,000,000. To qualify, projects must create at least 10 direct and indirect new jobs for each $500,000 lent, as determined by an economic impact model.|
|Interest||Approximately 3%, depending on credit quality.|
|Term||Five (5) years|
Clients should schedule a preliminary meeting with PIDC to review project eligibility. Completed loan applications will be scheduled for review and consideration by PIDC and CanAm Enterprises, which takes approximately 30 - 45 days. Upon loan approval, investment funds will be raised and held in escrow until the USCIS has approved the project. The USCIS approval process can take approximately 10 to 18 months.
|Application||$500 nonrefundable fee, payable at time of application submission.|
|Deposit||A deposit of $50,000 for expenses will be required upon execution of the commitment letter, upon closing the deposit will be credited towards the commitment fee. If the project fails to close the deposit will be returned to the borrower less expenses.|
|Commitment||1.5% of the Loan Amount.|
|Closing||Legal and closing costs. Fees are subject to change. Please confirm all transaction fees with PIDC prior to application.|