Sallie Mae moving headquarters to Newark area

Student lender Sallie Mae will move its corporate headquarters to the Newark area next year. in what could be a $100 million development.The announcement came from the company as well as the administration of Gov. Jack Markell, which offered a financial package to the company. The company said the headquarters would be located near Newark.

Sallie Mae already operates a service center in the Christiana-Stanton area at the former Nationwide-Continental American building. The company opened the center at a time when the state was rapidly losing jobs, following the closing of the Chrysler assembly plant in Newark.

The number of jobs coming from the move was not announced although a release from the governor's office said the number would be significant.

"Sallie Mae found in Delaware a workforce that understands their industry and is ready to get to work. When these new jobs arrive, they'll find a government invested in new job creation and committed to moving quickly to grab opportunities for growth," Markell said. "We welcome their expansion in Delaware and their decision to make us their corporate headquarters."

"We are delighted to work with Delaware's officials on this relocation," Albert L. Lord, chief executive officer, Sallie Mae. stated in a release. "We appreciate the business spirit of the state, the county and DEDO."

Sallie Mae currently employs approximately 900 individuals at the facility, located at 300 Continental Drive. The new headquarters will have no impact on the operations or employment at that site. Sallie Mae expects to begin to occupy a new headquarters facility March 2011 and hire additional local employees over the next five years.

"Sallie Mae's decision to relocate their corporate headquarters to Delaware recognizes that the financial services industry continues to be a powerful contributor to our state," said DEDO Secretary Alan Levin. "The headquarters will create jobs and will add tremendous benefit to Delaware in the years to come."

The Delaware Economic Development Office will recommend a Delaware Strategic Fund Grant equal to 3 percent, or a maximum of $3 million, of a potential $100 million capital investment by Sallie Mae at the new site.

An additional performance-based grant may be awarded based on the number of new jobs created. These recommendations will be reviewed by the Council on Development Finance later this year. The company may qualify for the Delaware Division of Revenue's New Economy Tax Credit Program in lieu of the Delaware Strategic Fund, depending on the number and level of jobs that it ultimately creates.

Additionally, Sallie Mae has agreed to make a best effort to subcontract collection services from business providers located in Kent County, Delaware.

"Bringing Sallie Mae's corporate headquarters to Delaware represents another stunning achievement for the Governor and his economic development team," said U.S. Senator Tom Carper (D-Del.). "We were happy to play a supporting role in the success of this project and look forward to working with Sallie Mae as they continue to grow their business in the State of Delaware."

For more information on how to apply for a job with Sallie Mae, visit www.salliemae.com/delaware or call 1-866-833-3847.