Sallie Mae will be renovating their new office in Delaware with the help of the $2.16 million in grant money from the state of Delaware.
On Monday, August 14th, Sallie Mae was awarded with a $2.16 million grant from the Delaware Council on Development Finance, which represented the First State. The student loan company was one of three companies that received grant funding from Delaware that day, but Sallie Mae’s grant was easily the biggest.
The $2.16 million will be drawn from taxpayer funds, and Sallie Mae will use the reward to grow their operation in the state of Delaware.
The student loan company intends to roll out an aggressive plan to hire 285 new employees to their Delaware operation by 2020. Many of the workers will be coming from layoffs conducted by Barclays and HSBC, who are both closing their Delaware offices and taking with them a combined 600 jobs.
The grant money awarded to Sallie Mae will be used to offset the salaries Sallie Mae intends to give to the 285 new employees. The $2.16 million will be spread out over the course of three years as Sallie Mae makes the new hires. The company plans to hire 120 new employees in 2018, followed by 75 in 2019, and finally will employ 83 new workers in 2020.
The remaining grant money will then go towards a 57,000 square-foot Delaware office that Sallie Mae plans to renovate and occupy. Sallie Mae is also putting up $6 million of their own money to help in renovating the office so that the accommodations are top-of-the-line.
The Delaware office will primarily be used as a call center for the student loan company. Additionally, many of the 285 new hires will be filling customer service roles that will be housed in the renovated office.
Rick Castellano, a spokesman for Sallie Mae, had the following to say: "This grant will not only mean jobs and a new home for recently displaced workers, but will also bring a significant investment from Sallie Mae as we build out the new location."
You may remember The Student Loan Report covering the prelude to this story a couple of weeks ago. Back on August 1st, it was reported that Sallie Mae had given their pitch for the $2.16 million grant to the Delaware Council on Development Finance on July 24. In the pitch, Sallie Mae outlined their plan to bring more jobs to the state and to renovate the 57,000 square-foot office located in the state. As it was noted in that article, the Delaware Council on Development Finance rarely rejects proposal, and this latest news suggests no different.
Additionally, just yesterday The Student Loan Report covered Sallie Mae receiving an award that recognized their support for employees that are also service members in the U.S. military.
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