NES Financial announced today that Vertebral Technologies, Inc. (VTI) has selected to use its Intelligent EB-5 Solution Suite, which includes EB-5 Escrow Administration, EB-5 Fund Administration, and EB-5 Immigration Workflow, on the company’s development project in Northern California.
The EB-5 visa program, created in 1990, encourages investment in projects that stimulate U.S. job growth, while providing an opportunity for foreign nationals to become lawful permanent residents. An applicant’s investment is typically held in an EB-5 escrow account prior to investment in the New Commercial Enterprise, which then uses the funds to create jobs.
VTI is a pioneer in the medical device industry, creating technology and products that make life better for patients and improve surgeon’s outcomes. The company is developing a second facility in Santa Clara, California that will serve as a manufacturing site with state-of-the-art machinery to produce breakthrough spinal implant devices. In addition, the site will also serve as an educational site for surgeons.
“EB-5 is a highly specialized industry. We needed a partner with the right experience and expertise, which is exactly what we found with NES Financial,” said Jeffrey Felt, MD, CEO of Vertebral Technologies, Inc. “Their suite of EB-5 Solutions brings an extra level of intelligence to traditional banking services, which were a perfect match for the needs of our specific project.”
NES Financial’s Intelligent suite of EB-5 Solutions is designed to cover the unique requirements of the entire EB-5 process, start to finish. Each solution provides security, transparency, and compliance for the utmost investor confidence in a project. Whether utilizing select products or the entire bundle, these unique solutions take care of the middle and back office administration so issuers can focus on doing what they do best.
“EB-5 capital is being used to create jobs across a wide range of industry verticals, with nearly 15% of it going to the medical and healthcare industry,” said Reid Thomas, NES Financial Executive Vice President. “Regardless of the industry vertical, the goal for investors continues to be the successful creation of jobs to secure permanent residency. Our EB-5 Solutions enable issuers to focus on doing what they do best, causing investors to recognize that these Solutions optimize the opportunity for immigration success.”