Marlette Funding and the Delaware Prosperity Partnership announced plans to add more than 200 jobs in the state.
The company based near Wilmington uses the. Best Egg, platform to offer online personal loans. The company says the platform givesqualified applicants the ability to instantly view loan offers with no impact to their credit score, while receiving funds in as little as one business day.
Bobby Ritterbeck, Marlette’s chief marketing officer, presented Marlette Funding LLC’s plan to add jobs and expand its Delaware facility to the Council on Development Finance. Presentations were made last month and today.
The proposal includes a request for a performance-based grant of up to $2.725 million to create 232 new full-time jobs and support its $7.5 million capital investment in New Castle County.
According to the Prosperity Partnership,during the past five years, employment in Delaware’s finance industry grew by an annual average of 2.4 percent, twice the national rate and much faster than neighboring states. Delaware has been a magnet for out-of-state direct investment by financial services firms in recent years, with $725 million invested since 2010.
“We are entering 2019 with strongorganizational growth, positive cash flowand an innovation strategy based onbig data, smart tools, better technologies, and sophisticated marketing,” said Jeffrey Meiler, CEO of Marlette Funding, LLC. “Delaware has been a great state to grow our business, we expect to hire more than 200 people as we grow and provide additional economic benefits that will contribute to the overall economic development efforts of the first state.”
“We are excited Marlette is choosing Delaware for its continued growth,” said Delaware Gov. John Carney. “With Delaware’s strength in finance and business services, we are ideally positioned to foster and support the fintech sector as well as other technology-based ventures. This commitment from Marlette reaffirms that Delaware is a great state for businesses of all sizes to put down roots, grow and create jobs.”
“New Castle County is dedicated to winning the future through sustainable job creation,” said Matt Meyer, New Castle County Executive. “Marlette Funding’s decision confirms that New Castle County is a premier location to grow the financial technologies of tomorrow, adding hundreds of new jobs.”
The Delaware Prosperity Partnership is a public-private economic development entity that was formed after a restructuring of the Delaware Economic Development Office. Remaining functions of DEDO are handled by the state’s Division of Small Business.
The Council on Development Finance, comprised of state officials and private sector appointees, passes its recommendations to the head of the Small Business Division.