San Jose, CA, January 29, 2013- NES Financial, the nation’s leading provider of escrow administration services to the EB-5 industry, is pleased to announce that the Palm Beach Regional Center has again chosen its EB-5 Subscription Escrow Solution to manage investment funds during the second phase of development of bringing VooDoo BBQ & Grill restaurants to South Florida.
The Palm Beach Regional Center operates in nine Florida Counties including Miami-Dade, Broward and Palm Beach. The New Orleans-based VooDoo BBQ & Grill chain is one of the fastest growing fast-service franchises in the industry. In an effort to spur economic growth and create local jobs, the Palm Beach Regional Center spearheaded a successful capital raise to build the first four locations presented under the federal EB-5 Visa Program. Extended by Congress through September 2015, the program allows foreign nationals to become legal United States residents through investment in job-creating entities. Phase 1, which consisted of financing four restaurants, is fully funded and investors are receiving their I-526 approvals. 175 New jobs will be created in Miami-Dade and Broward County in Phase 1.
The Palm Beach Regional Center signed up with NES Financial’s EB-5 Subscription Escrow Solution for the second phase because of its proven ability to streamline tasks and manage complex escrow accounts, while delivering the highest levels of security and transparency to their foreign investors. NES Financial has become the leader in providing solutions that help Regional Centers manage investor funds with ease.
“NES Financial understands the intricacies of the EB-5 program. They have developed a complete software solution and educated all of their partners to make the whole process extremely efficient,” said Fred Burgess.
“The Palm Beach Regional Center, and its leadership team have a proven record of success in the EB-5 industry,” said Reid Thomas, EVP, at NES Financial, “and we are proud to continue to provide financial solutions that streamline account management as they continue to drive economic growth in Florida.”
About NES Financial
NES Financial is a leading provider of administration solutions for businesses with complex processes, large sub-accounting needs, and significant regulatory requirements in a broad spectrum of industries. Combining in-house financial and legal expertise with state of the art technology, NES Financial helps banks, Fortune 500 corporations, and EB-5 Regional Centers improve operational efficiency, lower costs, and improve profitability. Recognized by Inc. magazine’s 500|5000 list as one of the fastest growing private companies in America, NES Financial safely processes more than $85 billion a year and helps protect businesses from financial risk by delivering unmatched levels of transparency, funds security, and regulatory compliance. For more information, please visit www.nesfinancial.com.
About Palm Beach Regional Center
The Palm Beach Regional Center is operated by Palm Beach Investment and Finance. It was established in 2008 with the intent of developing local industries, creating jobs and economic growth for the region, and helping promote the region to the international community. The Palm Beach Regional Center handles a variety of projects that showcase and benefit from the region’s strength as an international gateway to the western hemisphere. For more information, please visit www.palmbeachregionalcenter.com