A new, 100,000 square feet building dedicated to the latest Fintech solutions will be established at the University of Delaware’s Science, Technology and Advanced Research Campus (STAR) in Newark.
The initiative will be supported by Cinnaire’s $9 million New Markets Tax Credit (NMTC) allocation, which will be made to the Delaware Technology Park. Construction of the building is scheduled to begin in November 2021.
Peter Giles, VP of Business Development at Cinnaire, stated:
“Fintech will transform the future of Delaware’s growth in the financial [industry,] providing a space for entrepreneurs and innovators to collaborate on impactful projects. This project will expand economic and educational opportunities while creating jobs for Delaware residents. The New Markets Tax Credit continues to bring investment to communities that need it most, demonstrating the value of the program.”
The Delaware Technology Park is a nonprofit research park. It provides development resources to life science, IT, advanced materials, and renewable energy firms so that they can expand their operations.
The Technology Park’s original site is located near the College Square shopping center site, which is based in Newark.
Mike Bowman, President and CEO of DTP, remarked:
“Delaware Technology Park is excited to launch the Fintech building on STAR Campus in [collaboration] with the University of Delaware and funded by Discover Bank and Cinnaire. It will [be supported by] faculty, students and entrepreneurs with outstanding data science knowledge and digital management competencies as well as support resources for business development and community education.”
The Fintech-focused building will provide various academic and financial services. The initiative will also aim to establish a financial services incubator, called the Delaware Small Business Development Center. There will also be labs and various other centers that will be associated with the University of Delaware’s Alfred Lerner College of Business and Economics and the College of Engineering.
The incubator will offer the space, resources and technology assistance needed by early-stage financial and business software projects.
Cinnaire is a non-profit financial partner which aims to support community and economic revitalization projects with investments, loans and various development services. Cinnaire is a federally certified Community Development Financial Institution (CDFI), which manages over $621 million in New Markets Tax Credit investments.
Cinnaire has reportedly invested around $4.7 billion to establish 811 different housing communities in 10 US states, offering 49,700 affordable apartment homes for over 100,000 households.