TOP ECONOMISTS
ISMAEL FERNÁNDEZ
GREENGATE CONSULTING | FOUNDER & PRESIDENT
Ismael Fernández, originally
from Madrid , S pain , is the
founder and president of
Greengate Consulting, an
Atlanta - based consultancy
firm. With a PhD and MBA from Georgia Tech, Fernández,
an author in the technology valuation field, extended his
career into EB-5 as an economist, given his experience in
financial modeling. Prior to founding Greengate, Fernández
was a senior manager at General Electric, leading a global
team forecasting demand for gas turbine parts — a $1 billion
business. Since 2010, Fernández has assisted hundreds of
firms to get established in the U.S. and secured dozens of
I-526, I-924 and I-829 approvals for his clients.
WHY DID YOU GET INVOLVED
IN THE EB-5 INDUSTRY?
The EB-5 industry was a natural extension to the practice I
founded when leaving GE. Given my background and origin, I fit
well in the shoes of foreign investors looking to migrate to the
U.S. for business purposes. My practice aimed for families who
were seeking to start their business in the U.S. I quickly learned
about the requirements of the EB-5 regional center program and
got really excited about economic modeling in 2012. Since I was
accustomed to building complex financial models for
engineering decision making, I found EB-5 economic models a
natural extension to my education and skillset
WHAT NEW TYPES OF PROJECTS
AND TRENDS ARE YOU SEEING
IN THE EB-5 INDUSTRY?
I try to be optimistic about the market despite the environment.
After all, the U.S. continues to be the world’s largest economy
and a magnet for business. I think the age of large regional
centers controlling the market might be reaching and end due to
the increased cost to market. Smaller projects, in which
developers can secure personal relationships abroad, are going
to have a competitive advantage when it comes to funding small
projects. I also think that manufacturing hasn’t really taken
advantage of the program yet, and that is a change that I see in
my portfolio of clients.
AARON GOFORTH
BAKER TILLY CAPITAL LLC | PRINCIPAL
Aaron Gofor th, principal
of Baker Tilly Capital, LLC,
the wholly owned FINR A
broker dealer subsidiar y of
Baker Tilly Virchow Krause,
L L P, i s a n i n d u s t r y l e a d e r
in preparing economic analyses and business plans for
regional centers working with the EB-5 program. Goforth
has broad experience in helping clients and organizations
identify, prioritize and execute on strategic goals to drive
top-line growth. Prior to joining Baker Tilly, Goforth served
as president of Wright Johnson. During his tenure as the
president, he consistently facilitated exponential year-on-
year growth. Goforth is well-regarded in the industry and
sought as a speaker for EB-5 conferences.
WHY DID YOU GET INVOLVED
IN THE EB-5 INDUSTRY?
Initially, I became involved in the EB-5 industry because I
was intrigued by the concept and opportunities associated
with employment-based immigration. Yet, over time, I have
thoroughly enjoyed the interplay between the personal
stories of EB-5 investors and the social and economic
impacts those individuals and their investments have
brought to the United States. EB-5 investors obviously
contribute to job creation based on their investment.
However, they also enrich our society by bringing their
ideas, families and culture to the United States.
WHAT NEW TYPES OF PROJECTS
AND TRENDS ARE YOU SEEING
IN THE EB-5 INDUSTRY?
Increased geographical diversity of EB-5 investors, as well
as a decrease in the overall total number of investors, has
resulted in more diverse projects going to market and
being funded. While the majority of projects I see are still
real-estate based, the overall capital stack of such a project
as well as the corresponding EB-5 component is much
smaller than even two years ago. Another approach I am
seeing is the “friends and family” deal, meaning a U.S.
entrepreneur of foreign descent will recruit friends and
family living in a different country to invest into their
project. These types of opportunities have produced more
diversity in the EB-5 market.
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