The Delaware Council for Development Finance approved a $2.16 million Strategic Fund Grant to expand its customer service operation in New Castle.
The student lender plans to hire former employers of operations of Barclays and HSBC. The two banks are slated to phase out centers in the Newark and New Castle areas. The hirings are expected to boost total employment of Sallie Mae operations in Delaware to 1,000.
A presentation on Sallie Mae’s project was held last month. However, a vote was delayed.
Sallie Mae has its headquarters in the Stanton-Christiana area.
In other action, the council:
– Approved $7 million in revenue bonds for Independence School. The private school will use proceeds to refinance existing debt that was used to build various facilities on the Newark-area campus. A portion of the proceeds will also be used for capital improvements. The bonds are issued in the name of the state. However, it has no financial liabilities.
– General Refrigeration Company was approved for $433,500 to increase manufacturing capacity through employment expansion, infrastructure costs, equipment and construction of a new facility in Sussex County.
– Prelude Therapeutics Inc. was approved for a Delaware Strategic Fund Grant not to exceed $474,491 related to their planned expansion in New Castle County. Prelude is currently located at the University of Delaware STAR Campus, Newark.
– CD Diagnostics was approved for a modification of a Delaware Strategic Fund Grant Agreement related to an existing $500,000 Performance Grant Agreement. CD Diagnostics is currently located in Claymont and was recently sold.
The recommendations of the council go to the state’s economic development director. Legislation was signed this week that converted the state’s economic development office into a public-private partnership.
