EB-5 Administration Solution Delivers Funds Visibility and Security to Investors, Critical Advantages including Fast Rollout and Strong Reporting to Regional Centers
SAN JOSE, Calif., August 24, 2010 – NES Financial (NESF) has announced that the Cleveland International Fund (CiF) has selected the NESF EB-5 Administration Solution to administer funds associated with CiF’s EB-5 visa program serving Northeast Ohio. Citing the critical need for transparency of investor deposits, CiF chose NESF’s EB-5 Administration Solution to increase visibility and reporting. A contributing factor was the speed in which the supporting accounts could be established.
Regional Centers across the nation seek solutions for administration of EB-5 visa funds. 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 either $500,000 (for Targeted Employment Areas such as Cleveland) or $1 million (for other areas nationally) into a project. Regional Centers hold each visa applicant’s deposit in escrow for several months pending approval by the U.S. Citizenship and Immigration Services and must return the funds if the investor is not approved.
Financial transparency and security are critical in all stages of the application process and are key considerations when investors select a Regional Center.
“The EB-5 program is a great way to raise foreign capital for economic development and job creation in northeast Ohio,” said Adam Blackman, Chief Operating Officer of CiF. “This program simply demands the efficient administration and management of investor deposits, and we believe NES Financial’s EB-5 Administration Solution will serve this purpose. NESF’s EB-5 Administration Solution will enable us to provide full transparency to our investors, bringing them the ability to easily access and review their EB-5 deposits at a moment’s notice.”
NES Financial’s EB-5 Administration Solution – based on the company’s eSTAC technology platform that is used to administer tens of billions of dollars annually in complex multi-party escrows — provides a level of individual investor recordkeeping and sub-accounts with full transparency to all parties that sets a new standard for Regional Centers.
“The safety of immigration funds is front and center on the minds of all parties involved in the EB-5 visa program, including investors, the government and each Regional Center. Providing the highest levels of funds security and transparency in the industry can be a key differentiator for Regional Centers, and the NES Financial EB-5 Administration Solution is positioned to raise the bar for all parties involved in this valuable job-creation program,” said Michael Halloran, president and CEO of NES Financial. “With our EB-5 Administration Solution, Regional Centers can gain an efficient approach to administering funds, delivering a solution that allows easy creation and management of sub-accounts as well as providing customized reporting that allows each Center to serve investors at the highest levels within the EB-5 visa program framework.”
Featuring quick deployment, efficient operation, and easy administration, NES Financial’s EB-5 Administration Solution provides immediate benefits for Regional Centers and investors including:
- Safety of Funds – Maximum FDIC coverage on individual accounts
- Investor Recordkeeping – Online availability of information and documents for each EB-5 investor
- Investor Reports – Customized reports available around the clock
- Investor Accounting/Reconciliation – Accounting and reconciliation for the investor group, individual EB-5 investors and the Regional Center
- Rejected Investor Accounting – Full accounting provided to the Regional Center and Investment Company for distribution back to rejected EB-5 investors
“The NES Financial EB-5 Administration Solution provides a proven, compliant and secure way to protect all parties involved in EB-5 visa transactions,” continued Halloran. “Our goal is to help leading Regional Centers like CIF administer their program in a highly streamlined process — from initial setup through ongoing reporting. With our EB-5 solution we have created an approach that can deliver cost benefits and efficiencies to each Center.”
Regional Centers can get more information by contacting NES Financial at (800) 339-1031 or by visiting www.nesfinancial.com.
About Cleveland International Fund
Cleveland International Fund focuses on revitalizing Cleveland by promoting projects that will create jobs and encourage continuing growth and development for the city. The organization’s EB-5 Regional Center and the economic development efforts are seen as a critical path for development efforts for the city. More information on Cleveland International Fund can be found at www.ClevelandInternationalFund.com.
About NES Financial
NES Financial (NESF) is the nation’s leading provider of secure, transparent and compliant financial administration and 1031 exchange solutions for Fortune 500 companies, financial institutions and law firms. Combining proprietary state-of-the-art technology and outstanding client services with subject matter expertise in trusts, escrows and 1031 exchanges, NESF delivers flexible and scalable solutions that safely process over 70 billion dollars each year.
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