Governor Abbott Announces GM Financial Expansion In San Antonio
Governor Greg Abbott today announced that GM Financial will expand operations in Texas by building a financial servicing center in San Antonio, Texas. This project is expected to create at least 490 jobs and at least $20 million in capital investment in the State of Texas. A Texas Enterprise Fund (TEF) grant offer of $2.5 million has been extended to GM Financial.
“Texas is proud that GM Financial has chosen San Antonio as the home of its next financial servicing center,” said Governor Abbott. “Thanks to our low-tax, low-regulation environment, GM Financial will be creating nearly 500 jobs and investing tens of millions of dollars in the Texas economy. As Governor, I will continue to pursue policies that encourage this type of investment with the goal of making Texas an even better place to live, work and raise a family.”
“As GM Financial continues to grow to support General Motors, we have a strategic focus on providing best-in-class service to our customers and dealers. This additional facility will help us do that by expanding our workforce and service capacity in a strong and vibrant employment market,” said CEO Dan Berce. “We are excited to add another servicing center in the state that is home to GM Financial’s corporate headquarters and other operational facilities.”
The 100,000 square foot facility is planned for construction on 13.8 acres of land off of Raymond E. Stotzer Freeway at the intersection of Westover Link and North Ellison Drive.
“We are excited that GM Financial has selected San Antonio as the home of their operations facility,” said Wayne Peacock, Chairman of the San Antonio Economic Development Foundation. “GM Financial will generate a lasting economic impact on the community by committing to add 490 new jobs, with the possibility of growing that number up to 700 over time. In fact, according to analysis conducted by Impact DataSource, the total economic output over the first 10 years of operations could reach nearly $333 million.”
Construction is targeted to begin in early 2016, and the company plans to begin occupying the building in the first quarter of 2017.
General Motors Financial Company, Inc. is the captive finance company and a wholly-owned subsidiary of General Motors Company and is headquartered in Fort Worth, Texas. For more information please visit www.gmfinancial.com.
The Texas Legislature created the TEF in 2003 and reauthorized funding in 2005, 2007, 2009, 2011, 2013 and 2015 to help attract new companies to Texas and expand existing businesses to create more jobs throughout the State. TEF projects must be approved by the governor, lieutenant governor and speaker of the House. The fund has since become one of the state's most competitive economic development tools.