Sallie Mae has announced that it plans to expand its workforce and operations in Delaware, according to a press release from the state government.
The expansion will take place in New Castle County, where Sallie Mae operates a customer service center. The company plans to hire 285 new employees, which will cause its total workforce in the county to exceed 1,000.
Sallie Mae is applying for a $2.16 million taxpayer-backed Delaware Strategic Fund Grant to help finance the expansion, DelawareOnline reported. The company also plans to put $4.75 million of its own funds into the project.
"We're glad Sallie Mae has chosen to significantly expand its operations here in Delaware," said Governor John Carney. "Delaware has an experienced, skilled financial sector workforce that is perfectly suited for this expansion."
In addition, Sallie Mae plans to hire the new employees from a pool of individuals who have been or will soon be let go by several local companies.
Under the requirements of the grant, it will have to reach certain hiring benchmarks over the next few years. It will be required to hire for 120 new jobs next year, followed by 75 in 2019 and 83 in 2020, DelawareOnline explained.