Social Finance Inc. to establish regional HQ in Frisco

Personal finance company Social Finance Inc. will establish a regional headquarters in Frisco following an approved performance agreement with the Frisco Economic Development Corp.

The agreement between Frisco Economic Development Corp. and Social Finance Inc. was unanimously approved at the EDC’s Sept. 16 meeting.

Social Finance Inc. offers services in student loan refinancing, private student loans, personal loans, home loans, investing, insurance and small business financing.

Social Finance Inc. occupies about 1,200 square feet and employs 10 full-time employees in Frisco, said Stefanie Wagoner, EDC director of business retention and expansion, at the meeting.

“The company is looking to consolidate regional operations to establish a regional headquarters in Frisco,” Wagoner said.

The regional headquarters will occupy over 10 times the square footage and employ up to 108 full-time employees over a 63-month lease, Wagoner said. The company will add $1 million in real property improvements and nearly $500,000 in business personal property, she said.

The agreement represents an economic incentive not to exceed $464,000.