Sallie Mae will relocate its company headquarters to Newark, Delaware from Reston, Virginia. The move will add a significant number of new jobs to the state's work force over the next five years.
"We appreciate the business spirit of officials at the state and local levels and that Delaware has
made clear it will be a great place to grow our business," said Albert L. Lord, CEO of Sallie Mae.
The company currently employs 900 people in Newark, and will begin to occupy a new headquarters in March 2011. The move will have no effect on the existing office.
The Delaware Economic Development Office is recommending a Delaware Strategic Fund Grant of a maximum $3 million on Sallie Mae's projected $100 million investment. It may also qualify for Delaware Division of Revenue's New Economy Tax Credit Program instead of the Strategic Fund, based on the number and level of jobs created.
Sallie Mae has also agreed to subcontract collection services from businesses in Kent County when possible.