RURAL BROADBAND PROJECT IN VIRGINIA

Rural Broadband Project to accelerate high-speed internet connectivity in rural Virginia.
The Rural Broadband Project, APB intends to install approximately 1,200 miles of new FttH fiber-optic cable and operate multiple broadband networks connecting unserved residences and businesses in the “Rural Area” of Virginia.

• EB-5 Loan: $80M
• Total Targeted Investor Slots: 100
• Minimum Investment Amount: $800,000
• Job creation: 17+ jobs per investor. (Data updated until March 2023)
• Loan term: 5+ years

PROJECT CAPITAL STRUCTURE

• Accelerated Fiber Deployment Initiative project:
• Total Budget: $576M
• Government Grant: $301M
• Equity: $195M
• Rural Broadband project: $124M

Rural Broadband project:

• Total cost: $124M
• EB-5 Loan: $80M
• Government Grant: $44M

The project is located in Virginia – a rural area according to USCIS standards. Projects in rural areas will be given priority for approval:

• Documents are processed on schedule. The new EB-5 law stipulates that 20% of visas are reserved for rural areas. If the annual limit is not used up, it will be rolled over to the next year. Therefore, there is little backlog of investment applications in rural areas.
• The policy of prioritizing application processing for rural projects helps speed up I-526 approval time.
• USCIS only requires that direct jobs account for 10% of the project’s total jobs.

Virginia Everywhere – Virginia’s largest Internet bandwidth provider.

• This is the unit responsible for guaranteeing repayment of EB-5 loans.
• Virginia Everywhere is currently developing the All Points Broadband (APB) project.
• A leading internet service provider headquartered in Virginia. Specializing in providing high-speed Internet services.
• Providing “FTTH” – Fiber to the home broadband services to more than 80,000 locations and commercial properties in 19 Virginia counties.

CanAm Regional Center – 35 years of EB-5 investment experience

• Developed more than 63 projects for EB-5 settlement investment. This is the 64th project.
• Mobilizing capital up to 3 billion USD.
• Refund for more than 4,000 families with capital of up to 2.15 billion.
• Helped 15,000 investors receive conditional green cards.
• There are 7,800 investors with permanent green cards.
• CanAm exclusively operates seven USCIS-designated Regional Centers. RCs are concentrated in Philadelphia, Pennsylvania, New York, New Jersey, California, Hawaii, Florida and Texas.

• The project meets the requirements of USCIS, eligible to participate in EB-5 rural areas.
• Robust market and increasing demand for high-speed internet from approximately 80,000 unserved locations.
• Rural areas have fewer competitors.
• APB has good relationships with construction and electrical installation units to minimize operating costs.
• Received support from the Government. Both federal and state governments encourage bandwidth expansion. Government capital is up to $301 million.
• Strong collateral from the parent company.
• Advantages of creating direct jobs. During the first 2 years, project work will mainly be direct work.

• EB-5 is a priority capital source for repayment when the project pays off.
• Priority is given to handling projects in rural areas.
• Allows investors to file I-526 and I-485 simultaneously.
• Number of jobs exceeds USCIS requirements (17 jobs per investor).
• CanAm Regional Center with over 35 years of experience in EB-5 investing. Up to now, more than 63 investment projects have been completed.

INTERIMM will update the new construction timeline here.