© 2016 All rights reserved.
West Palm Beach, FLA – In cooperation with Enterprise Florida and the City of Delray Beach, the Business Development Board of Palm Beach County (BDB) announced that it has facilitated DRB Capital, LLC’s expansion at its Palm Beach County operations. DRB Capital provides liquidity solutions to individuals and small/medium size businesses. DRB’s core businesses include structured settlement and annuity monetization and litigation funding, via its US Claims brand. DRB Capital leases 19,223 square feet located at 1625 S. Congress Avenue in Delray Beach and will add 75 new positions with an average annual salary of $70,629. DRB Capital had 76 employees at the time the application was submitted.
The Business Development Board assisted DRB Capital through the incentive process with the State of Florida and City of Delray Beach. Glenn E. Gromann, Esq. introduced DRB Capital to the BDB and coordinated the incentives applications for the company through the BDB.
DRB Capital received a Qualified Target Industry Tax Refund of $450,000 with $360,000 from the State of Florida and $90,000 from the City of Delray Beach.
Kelly Smallridge, President and CEO of the Business Development Board of Palm Beach County said, “Palm Beach County has seen a significant increase in financial companies seeking to expand or relocate over the last two years. The favorable tax and business environment, and access to wealth and quality of life are all key factors to this growth."
President and CEO of Enterprise Florida, Gray Swoope said, “The expansion of DRB Capital is great news for Delray Beach. Florida is the best state for business because of our economic growth and we work hard to promote Florida as the top state in which for businesses to thrive. DRB Capital will add value to our financial industry sector and we look forward to more of their successes in our state.”
Delray Beach Mayor, Cary Glickstein remarked, “We appreciate DRB Capital choosing Delray Beach to expand their local operations of 76 employees by adding 75 new high-paying jobs - averaging $75,000. They are in good company joining Hardrives, Kimley-Horn, Levenger and Aldridge Connors LLP in expanding their operations along our Innovation Corridor, Congress Avenue. Like others, DRB Capital recognized Delray's uniqueness with our available office space, access to talent and close proximity to a vibrant Downtown. We thank the Business Development Board and State of Florida for their partnership on this impactful project.”
Antony Mitchell, the Interim CEO of DRB Capital, said, “Delray Beach provides a great location from which to expand and draw experienced employees with finance backgrounds. The city is a great place to live and work. It provides amenities and a great quality of life for professionals. We are glad to be expanding our operations here.”
About DRB Capital, LLC: DRB Capital is one of the most trusted purchasers of structured settlements and annuity payments in America; our organization assists those who need to sell their periodic payments for more immediate monies. DRB offers liquidity and optionality to individuals in need of cash who have guaranteed or life contingent structured settlements, annuities or pending personal injury claims.
About the BDB: The Business Development Board of Palm Beach County is the official public/private economic development organization for Palm Beach County and Enterprise Florida. Founded in 1982 as a not-for-profit corporation, our primary purpose is to attract and retain new industry, business investment, high quality jobs and workforce development through corporate relocations, expansions and international trade. During the past five years, the BDB has assisted companies that have created more than 12,650 direct jobs with average salaries greater than $62,900, resulting in more than $615 million in capital investment to Palm Beach County and an economic impact that exceeds $4.9 billion. Additional information can be found at the BDB’s web site, BDB.org.