SAN JOSE , CALIF. and PALM BEACH, FL, September 29, 2010 – NES Financial (NESF), .a leading provider of financial services solutions for the banking industry, EB-5 Regional Centers and Fortune 500 companies, has announced that the South Atlantic Regional Center (SARC) has selected the NESF EB-5 Escrow Administration Solution to administer funds associated with its EB-5 visa program.
SARC required a solution that provided an efficient overall structure, simplified account setup, rapid implementation, and straightforward administration. In addition the solution needed to provide security and transparency for the investments from overseas investor applicants.
“NES Financial is highly experienced, extremely professional, and their eSTAC-based technology addressed all of my needs – after my first meeting with them it became clear why they’ve become known as the ‘go-to’ company for EB-5 Regional Center solutions,” said Joseph J. Walsh, president of the South Atlantic Regional Center. “With NESF’s EB-5 Administration Solution we were up and running quickly, providing our investors with visibility into their funds -- bringing a sense of security and transparency to the whole process and putting each investor at ease.”
The federally-sanctioned EB-5 visa program encourages investment in government-approved projects that create U.S. jobs and provide the opportunity for foreign nationals to become lawful permanent residents. A foreign investor invests $500,000 into a project, and Regional Centers like SARC hold each visa applicant’s deposit in escrow pending approval by the U.S. Citizenship and Immigration Services.
Since high dollar amounts are required from each applicant investor, funds from a single investor can sometimes be comprised of a number of smaller deposits. NES Financial has substantial subject matter expertise and the company understands the nuances of EB-5 international wire transfers and local currency restrictions. As a result, their EB-5 Administration Solution can easily address these issues.
“We are thrilled to have been selected by the South Atlantic Regional Center ,” said Michael Halloran, president and CEO of NES Financial. “Our robust solution for EB-5 funds administration is delivering the highest level of security and transparency in the marketplace. These benefits are being recognized by Regional Centers and foreign investors alike which is contributing to our leadership position in this marketplace.”
The NES Financial EB-5 Administration Solution brings Regional Centers a unique approach providing rapid system implementation of easy, automated deposit administration solutions. Combining proven, industry-leading software -- proprietary to NESF -- and a client-focused team with decades of financial services experience, NES Financial’s EB-5 Administration Solution delivers immediate benefits for Regional Centers and their investors.
NESF’s solution provides maximum FDIC coverage on individual accounts to ensure unsurpassed levels of funds security. Investor recordkeeping, customized reporting of subaccounts for assembled funds, and accounting and reconciliation for the investor group, individual investors and the Regional Center is available on-demand, around the clock. Rejected investor accounting, with full accounting provided to the Regional Center for distribution back to the rejected investor is available at a moment’s notice.
For more information on EB-5 solutions for Regional Centers, contact NES Financial at (800) 339-1031 or by visiting www.nesf.com.
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