NES Financial, a fintech company providing technology-enabled solutions for the efficient back- and middle-office administration of complex financial transactions, announced today that it has contracted to provide its 50th Opportunity Zone client with its purpose-built Opportunity Zone Fund Administration Solution.
“NES Financial is a pioneer in the Opportunity Zone space, growing significantly since signing our first Opportunity Zone fund one year ago,” said Michael Halloran, CEO at NES Financial. “Our commitment to creating economic and social impact throughout the United States remains a priority and our purpose-built solution empowers our clients to achieve the measurable good they aspire to.”
“NES Financial works with clients invested in creating positive economic impact throughout the country,” said Shay Hawkins, President and CEO of Opportunity Funds Association, an organization that connects capital to overlooked areas to improve lives, create opportunities, and ensure long-term economic growth.
“With specialized opportunity funds and the importance of the long-term viability of the program, it’s great to see the industry embracing third party fund administrators such as NES Financial. Congratulations on signing your 50th client,” added Hawkins, who was former U.S. Senator Tim Scott’s senior tax and economic policy advisor.
Opportunity Zone Funds are qualified private-sector investment vehicles that invest at least 90 percent of their capital into Opportunity Zones (OZs) — designated economically distressed areas located across the U.S. The tax incentives associated with the OZ program were developed to foster long-term investment into these areas, with benefits accruing to investors currently and with additional benefits accruing at 5-, 7- and 10-year milestones.
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