Investors involved in the SEPTA Key public transport project are also among the more than 2,500 people receiving funds this time.
CanAm Enterprises, an investment company, announced that it has received full repayment of its $175 million loan from the Southeastern Pennsylvania Transportation Authority (SEPTA). This loan was raised by CanAm from EB-5 investors, enabling them to manage the capital effectively. The entire amount has been repaid to clients as per the agreed schedule.
Following this transaction, the total value of EB-5 investment loan repayments by CanAm reached $1.25 billion. More than 2,500 EB-5 investors in 38 projects have received their investment funds back from CanAm.
“This milestone helps CanAm solidify its position in the EB-5 industry. We appreciate the trust of EB-5 investors and will continue to provide high-quality projects and services to our clients,” commented Tom Rosenfeld, Chairman and CEO.
The Southeastern Pennsylvania Transportation Authority (SEPTA) is one of CanAm’s key partners. This agency provides primary transportation services to nearly 4 million people in Philadelphia and the counties of Chester, Bucks, Montgomery, and Delaware. SEPTA also provides select rail services to the states of New Jersey and Delaware.
In partnership with SEPTA, CanAm raised capital from EB-5 investors to provide loans to SEPTA’s project with an agreed-upon term through the EB-5 investment program. Previously, a $35 million EB-5 loan was fully repaid in May 2017.
The EB-5 loan funded “SEPTA Key”—a major infrastructure initiative to modernize SEPTA’s ticketing and sales technology systems and operations. SEPTA Key is a transformative project aimed at phasing out outdated ticketing products such as tokens and paper tickets. With a key card, customers can travel on all SEPTA modes of transport, including buses, subways, elevated trains, trolleybuses, and regional rail. People can manage their Key Card accounts online and purchase and recharge cards at stations and sales offices.
“The project has exceeded the job creation requirements for EB-5 investors. The majority of clients have received green cards thanks to this project,” a CanAm representative said.
This loan is supported by the PIDC Regional Center, a partner of CanAm and the Philadelphia Industrial Development Corporation (PIDC) – the official economic development agency of the state of Philadelphia.
“For over a decade, the partnership between CanAm and PIDC has successfully attracted hundreds of millions of dollars to Philadelphia. We look forward to working together to bring even more investment to the city in the years to come,” said John Grady, President of PIDC.
The EB-5 Immigrant Investor Program is administered by the U.S. Citizenship and Immigration Services (USCIS). The program provides foreign investors with the opportunity to obtain U.S. residency by investing $500,000 in businesses located in high-unemployment areas that can create or maintain at least 10 full-time jobs for American workers.
