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Area Development - Site Selection, Facility Planning and Workforce Development

Financial Services Company Creating 1,000+ Jobs in Delaware

11/20/2008
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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