Commercial Loan Collector (SB Loan Workouts)
Company: Colorado Enterprise Fund
Location: Denver, CO
Job Function: Finance
Background
Colorado Enterprise Fund (CEF) is a nonprofit organization dedicated to the success of small businesses. We target our financing resources to undeserved communities-primarily low income, BIPOC, women and veteran owned businesses who are unable to access traditional bank financing. We’re committed to creating meaningful impact in Colorado’s communities by providing equitable and affordable business financing for entrepreneurs who cannot access bank loans or other financial resources.
At CEF we see our community impact through job creation, wealth building for disadvantaged populations, and the growth and success of the businesses we fund. As a Community Development Financial Institution (CDFI), we offer loans, grants, and free business coaching to entrepreneurs to help them succeed.
Colorado small business owners and entrepreneurs seek aid from our organization in moving towards the major step of asking for financial loans that they have not been able to find from traditional resources such as banks.
Summary
We have an immediate opening for a Commercial Loan Collector (SB Loan Workout). The role will be a key player within the CEF Credit Team, led by the Director of Credit. The Commercial Loan Collector will manage and report on a portfolio of distressed small business loans including SBA loans. Additionally, the position calls for a candidate who has a balance of grit and empathy to work with borrowers to find non-legal solutions to difficulties.
Responsibilities
Essential Duties/ Responsibilities
•Work closely with borrowers to find non legal solutions to difficulties. Restructure loans, substitute collateral, enhance collateral positions, settle guarantees preserve collateral and other workout tasks.
•Provide technical assistance with loan modification agreements by working with clients who are having financial difficulties.
•Refer and strongly encourage clients who are having financial difficulties to CEF Business Navigation (BN) team for more in-depth free technical assistance.
•Perform site visits, provide technical assistance to clients by reviewing their financial statements, cash flow analysis, and devising exit strategies for distressed assets.
•Supply input about amounts to be written-off each quarter and for the full year.
•Perform Troubled Asset Reviews on all loans over 60 days past due and regular loan reviews on all loans in the distressed portfolio.
•Manage and assist CEF’s attorneys on pending lawsuits and or bankruptcy cases. Send files and documents to attorneys for legal assignment, monitor filing of claims, court processes, proof of claims in Bankruptcies, make decisions when to prudently spend legal dollars to pursue collateral of value.
•Weekly reporting to Director of Credit with a review of all loans in the legal process. Maintain current notes in each file as to ongoing status of legal process of borrower negotiations.
•Be active in documenting collections processes in borrower files.
•Act as the company’s representative in collections legal proceedings as needed.
•Assist in collection and notification processes for borrowers.
•Maintain confidentiality of all corporate and borrower-related matters
•Perform other duties as assigned by the Director of Credit.
Requirements
Education/Experience
- Bachelor’s degree from an accredited institution and/or equivalent experience required.
- A minimum of three to five years of small business or commercial loan work-out experience.
- Familiarity and understanding of legal proceedings (e.g. Bankruptcy and Civil proceedings).
- SBA 7A workout experience strongly preferred.
Compensation and Benefits
CEF offers a hybrid work environment with a blend of in-office and remote work. As an established CDFI, we offer the following:
- Health, vision, dental and life insurance, as well as short-term and long-term disability coverage. CEF also offers a 403b retirement plan with employer match up to 5% of an employee’s contribution. Our paid time off policies include ten (10) paid holidays per year, paid vacation, and paid health and wellness time.
- Salary range for the role is $75,000-$90,000 (annualized)