SLM Corporation - known familiarly as Sallie Mae - a provider of
college savings and student loan programs, will open a credit
operations center in Newark, Delaware, according to statements from the
company and the Delaware governor's office. The project is expected to
create 1,100 new jobs over the next three years. Sallie Mae plans to
invest $10 million for capital expenditures at an existing facility
that was recently purchased. "This new facility streamlines and
enhances our credit, collections, and compliance functions while
placing us in a business-friendly state that is rich in financial
services talent," says Albert L. Lord, Sallie Mae's CEO. "I am
confident that our move will help position our company for future
growth and continued industry leadership." The company has been offered
up to $1 million in work force training grants by the state; other
incentives were not detailed. The Sallie Mae Fund, the company's
philanthropic arm, contributed $25,000 to the United Way of Delaware.
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