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CanAm Enterprises Announces 100% EB-5 Project Repayment

November 19, 2012 @ 5:00 pm
Posted by Exclusive Visas

With recent reports that Aker Philadelphia Shipyard, Inc. (‘Aker’) repaid its $20 million EB-5 Partnership Loan in full to CanAm’s Philadelphia Industrial Development Corporation (PIDC) Regional Center. The Aker project is the 13th CanAm EB-5 project that has successfully repaid its investors principal 100 percent.


Aker is a leading U.S. commercial shipyard constructing cruise ships, cargo ships, transport ships, tugboats and barges for operation in the Jones Act Market. The $20 million EB-5 loan financed improvements to Aker’s shipbuilding facility, and helped to purchase state-of-the-art equipment. A portion of the loan was also used to fund training programs for new and existing employees.


“PIDC Regional Center’s EB-5 Loan came at a critical time during a very rough patch in the shipbuilding industry. This alternative to more traditional types of financing really helped Aker make improvements that were needed, and allowed us to invest in new equipment and in training our people,” said Jeffrey Theisen, Chief Financial Officer of Aker Philadelphia Shipyard. “We also successfully achieved the job creation and economic development goals of the EB-5 Program during the same difficult period. We are thrilled for our investors who are now permanent residents of the U.S.,” he added.


The EB-5 Immigrant Investor Program is administered by the United States Citizenship and Immigration Services (USCIS). The program provides opportunities for qualified foreign nationals to achieve permanent legal residency in the U.S. through an investment in an USCIS-approved project that will generate at least ten, new full-time jobs in the United States.


Contact Exclusive Visas for more information on EB-5 regional centers. An Exclusive Visas EB-5 Consultant will cut through the confusion and help better understand how the EB-5 program works.


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