SAN JOSE, Calif., Nov. 14, 2019 /PRNewswire-PRWeb/ -- Specialty financial administrator NES Financial announced today that it has contracted to provide its purpose-built Opportunity Zone Fund Administration services to InvestNewMexico.us (INM), an Albuquerque/Santa Fe–based partnership focused on affordable and sustainable housing, agriculture, film, technology transfer and emerging media industries.
"New Mexico is a very poor state, and our mission is to inspire New Mexico entrepreneurs to build companies that improve the living standards of New Mexicans. We will accomplish this mission by incubating and investing," said Kenneth Segura Knoll, INM's Senior Managing Partner. "We selected NES Financial to administer our fund because of their commitment to social impact, transparency and technology."
The newly formed Qualified Opportunity Zone Fund will invest in and grow New Mexico companies operating within any of the state's 63 Opportunity Zones. The fund plans to invest in up to 20 companies, one of which focuses on recycling shipping containers into usable products (such as so-called "tiny homes"). Another company focuses on producing hemp-based biodegradable products while promoting a self-sustaining, earth-friendly model.
"The Opportunity Zones initiative is a game-changer for economically distressed areas in the country," said Reid Thomas, Executive Vice President and General Manager of NES Financial's Specialty Financial Administration. "Our purpose-built solution enables fund managers to focus on what they do best, while we focus on delivering the highest levels of security, transparency and compliance to their stakeholders."
The tax incentives associated with the Opportunity Zones (OZ) program are designed to encourage long-term investment into economically distressed areas across the U.S., and Opportunity Fund investors receive immediate deferral of taxes on invested capital gains. Additional tax benefits accrue at 5-, 7- and 10-year milestones.
For information about NES Financial's Opportunity Zone Fund Administration services, please visit our Opportunity Zone Resource Center.
About NES Financial
NES Financial is a Specialty Financial Administrator which serves sectors characterized by high administrative complexity, increased transaction security needs, and challenging regulatory compliance requirements. The company's purpose-built solutions streamline the administrative processes of these markets — simplifying specialized financial transactions, curtailing fraud and abuse, and ensuring the utmost in security, transparency and regulatory compliance through each step of an investment's life cycle.
NES Financial, recognized on the San Francisco Business Times' top Bay Area fintech list, has defined industry best practices in each of the markets it serves — from 1031 exchanges and EB-5 visa funding, to private equity and the landmark Opportunity Zones program. NES Financial services more than 300 funds, administers over $20B annually, and has worked with over 700 EB-5 projects. For more information, visit nesfinancial.com.
About InvestNewMexico.us
The mission of InvestNewMexico.us is to inspire New Mexico entrepreneurs to build companies that improve the living standards of New Mexicans.
INM OZFUND 2020, LLC, brings Opportunity Zone investing to focus upon small businesses within New Mexico. Unlike nearly all other Opportunity Zone funds, INM OZFUND 2020 is not focused on property development. It has been set up to "incubate and fund" businesses owned by New Mexicans that:
1. Protect investors' principle and offer a reasonable rate of return,
2. Create well-paying jobs,
3. Support small and local businesses, and
4. Provide a path for New Mexico college graduates to find careers in the state.
Like other Opportunity Zone Funds, it will "import" money into the State of New Mexico by matching investors from across the United States with the best small business opportunities within New Mexico. INM OZFUND 2020 will work closely with economic development programs across the State of New Mexico to provide this new approach to addressing the "access to capital" that is a perennial challenge to all small business. For more information, visit InvestNewMexico.us.
SOURCE NES Financial
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