A Waterloo company is doubling its workforce and expanding its building after winning the contract to handle collections for the federal student loan program. The C-B-E group today announced today (Tuesday) plans to add more than 200 new jobs over the next 18 months, while building a 20-thousand square-foot addition to its Tower Park location. Total cost of the project is estimated at four-point-six million dollars. C-B-E was one of only 12 companies nationwide that was awarded the contract. Tom Penaluna, C-B-E’s president and CEO, says the Department of Education contract is one of the largest in the collection industry. As a result of the contract and other growth incentives, Penaluna says the company plans to add another 200 workers to its Waterloo and West Des Moines offices, bringing the total number of company workers in Iowa to 800. The jobs will pay between 9-and-11 dollars per hour, but incentives could boost each salary to around 17 dollars. Company officials estimate the jobs will result in an annual economic impact of nearly 12 million dollars for the state of iowa.
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