CanAm’s Thirty-First EB-5 Loan Repayment Yields New Milestone - More Than 1600 EB-5 Investor-Families Fully Repaid
CanAm Enterprises (CanAm) is pleased to announce that its Los Angeles County Regional Center’s third project, a $125 million loan to a major film studio, was repaid in full and on time. To date, 1,673 CanAm investor-families in 31 projects have received principal repayment, totaling $836.5 million.
The EB-5 Immigrant Investor Program (“EB-5”) is administered by the United States Citizenship and Immigration Services (USCIS). The Program provides qualified foreign investors with the opportunity to earn “conditional” or temporary two-year visas in return for investing $500,000 in businesses located in high unemployment areas that create or retain at least ten permanent full-time jobs for U.S. workers.
The proceeds of $125 million loan were used to fund film and television productions in targeted employment area located in the Los Angeles County. A significant amount of these California-based productions are relocating to Canada and other U.S. locations that provide finance incentives including film tax credits. Operating as a financing incentive to keep these “runaway productions” in Los Angeles County, the EB-5 loan helped create and preserve important film production jobs in the region. All 250 investor families in this project have received residency status as a result of the project’s job creation.
Originally formed to target investment projects in the motion picture and television industry, the Los Angeles Film Regional Center was approved by the USCIS on March 24, 2008. In an effort to broaden the scope of eligible projects for the EB-5 program in the Los Angeles area, CanAm submitted an application that was approved by the USCIS on November 19, 2009 to expand the target industries to include transportation, agriculture, alternative energy and technology and to rename it to Los Angeles County Regional Center (LACRC). To date, LACRC has raised over $577.5 million in EB-5 financing through six distinguished projects ranging from entertainment productions, real estate development to biomedical research center. To maximize its efforts in the region, CanAm entered into an exclusive partnership with the Los Angeles Economic Development Corporation (LAEDC) to identify financially sound investment opportunities in Los Angeles County. “We feel privileged to have the opportunity to partner with LAEDC,” said Tom Rosenfeld, President and CEO of CanAm. “Through this strategic alliance, we hope to facilitate economic development and create needed jobs in the Los Angeles County region.”
About CanAm Enterprises
With three decades of experience promoting immigration-linked investments in the United States and Canada, CanAm has a long and established track record. Based on a reputation of credibility and trust, CanAm has financed more than 53 project loans and raised more than $2.4 billion in EB-5 investments. CanAm exclusively operates seven USCIS-designated Regional Centers that are located in the City of Philadelphia, the Commonwealth of Pennsylvania, the County of Los Angeles, the State of Hawaii, the Metropolitan Region of New York, the State of Florida and the State of Texas.
Los Angeles County Economic Development Corporation (LAEDC) was founded in 1981 as a private, nonprofit, public-benefit organization to harness the power of private sector in collaboration with L.A. County, to guide economic development and create more widely shared prosperity. LAEDC collaborates with all stakeholders in the region including education, business, and government.
LAEDC’s purpose is to raise standards of living for all LA County residents by increasing economic opportunity and regional prosperity.
The LAEDC provides collaborative economic development leadership to promote a globally competitive, prosperous and growing L.A. County economy to improve the health and wellbeing of our residents and communities and enable those residents to meet their basic human need for a job. We achieve this through objective economic research and analysis, strategic assistance to government and business, and targeted public policy. Our efforts are guided and supported by the expertise and counsel of our business, government and education members and partners.
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