SAN JOSE, Calif., Nov. 7, 2019 /PRNewswire-PRWeb/ -- 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.
The NES Financial Opportunity Zone Fund Administration Solution is the only purpose-built OZ fund administration solution that addresses all the elements of the program and leverages technology to streamline fund administration to enhance the OZ fund experience and attractiveness for investors, facilitate compliance, and ultimately, help the Opportunity Zones program do the good it was meant to do.
For additional information about the Opportunity Zone Fund Administration Solution, please visit the NES Financial website or contact an NES Financial representative at 1-800-339-1031.
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 helping ensure 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.
SOURCE NES Financial
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