PIDC Regional Center > Overview
The Philadelphia Industrial Development Corporation (PIDC), Philadelphia's economic development corporation since 1958, in conjunction with CanAm Enterprises, LLC, prepared and submitted an application to have the County of Philadelphia designated as a Regional Center under the U.S. immigrant investor program.
The immigration and Naturalization Service (INS)—now the U.S. Citizenship and Immigration Services (USCIS)—formally designated the PIDC Regional Center on February 28, 2003 to participate in the Immigrant Investor Visa Pilot Program under Section 203(b)(5) of the Immigration and Nationality Act.
In 2010, the PIDC Regional Center was amended to include four additional adjacent counties to the designation, including the counties of Bucks, Chester, Delaware and Montgomery, all of which make up the Greater Philadelphia Region.
To view a complete list of PIDC Regional Center projects and track record, please click here.
The Philadelphia Industrial Development Corporation (PIDC) is Philadelphia's city-wide economic development corporation. Founded in 1958 as a non-profit, joint venture between the City of Philadelphia and the Greater Philadelphia Chamber of Commerce, PIDC plans and implements real estate and financing transactions that attract investment and jobs to the City of Philadelphia. PIDC accomplishes this mission by developing and managing public and private resources that are used to leverage even greater investments from a diverse range of governmental, for-profit and non-profit clients throughout all of Philadelphia's neighborhoods.
PIDC also promotes large-scale neighborhood economic development through partnerships with established community organizations on neighborhood revitalization projects. Clients range from the traditional base of commercial and industrial businesses to the developers of large, public purpose facilities, in all neighborhoods of Philadelphia.
PIDC offers more than 20 loan and grant programs, largely funded by federal, state and local government sources. Although specific terms and conditions vary, most loan programs offer subordinated financing and below-market interest rates that are intended to encourage investment in Philadelphia. Use of loan funds is determined by the circumstances and may include real estate acquisition, construction, or machinery/equipment purchase. PIDC loan funds are usually leveraged with private debt and equity.
For more information, please visit PIDC's website.
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