A bank spun off from General Motors seeks a state grant for its expansion.
Ally Financial is applying to the Delaware Council on Development Finance for a strategic grant of $2,658,624.
The board will meet Monday morning at the Buena Vista Conference Center south of New Castle. No remote meeting access is available.
Ally spun off from GM’s GMAC vehicle finance arm and now operates an online bank and financial services company.
It is one of many virtual banks that operate nationwide and have locations in northern Delaware.
The Strategic Grants Program provides public funds for projects that preserve or create better-paying jobs in Delaware. The program has its detractors who claim that it subsidizes large corporations. Proponents say the program prevents neighboring states and localities from poaching jobs with their incentive programs.
The board will also consider an application from Secure Storage, Dover, for a nearly half a million dollar grant from the Delaware Site Readiness Fund.
The fund was created by the General Assembly after employers claimed that state transport approval processes were unnecessarily delaying job-creating projects.