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Credit Analyst, Lending

Company: Philadelphia Industrial Development Corporation (PIDC)

Location: Philadelphia, PA

Job Function: Credit

Background

Philadelphia Industrial Development Corporation (PIDC) is Philadelphia’s public-private economic development corporation. Our mission is to spur investment, support business growth, and foster developments that create jobs, revitalize neighborhoods, and drive growth to every corner of Philadelphia. We achieve our mission through a diverse range of financing products, real estate solutions, and business support services. You can learn more about PIDC at pidcphila.com.
PIDC is committed to driving transformative growth for Philadelphians with a human-centered approach by directing our financial and real estate services, knowledge, and networks toward creating a vibrant and sustainable Philadelphia. To achieve this mission, PIDC focuses on five areas:
  • CAPACITY: Create and sustain internal capacity and external partnerships to scale the availability and breadth of economic development resources to clients.
  • CAPITAL ACCESS AND SERVICES: Expand financing and business support services to benefit communities that have difficulty accessing capital.
  • LAND USE: Catalyze development of projects that create quality jobs and advance economic growth.
  • KNOWLEDGE AND NETWORKS: Share knowledge and networks to respond to clients, partners, and market needs.
  • EMPLOYEE WELL-BEING: Elevate the physical, mental, and financial well-being of PIDC employees and provide opportunity for each to thrive and grow professionally.
PIDC is governed by a thirty-member Board of Directors, appointed by the Mayor of Philadelphia and the President of the Greater Philadelphia Chamber of Commerce.  The staff includes approximately 60 full-time employees, and PIDC’s current 12-member senior leadership team has a combined 150+ years of experience at PIDC. The organization’s annual budget of approximately $12M is funded by a combination from fees generated by PIDC’s transaction activities, service and management contracts, and contributed revenue.
Over the past 65+ years, PIDC has settled over 13,500 transactions with a diverse range of clients — including nearly $21 billion of financing and 3,400+ acres of land sales — which have leveraged tens of billions of dollars in total investment and assisted in retaining and creating hundreds of thousands of jobs in Philadelphia.

Summary

As a Credit Analyst at PIDC, supporting business and real estate transactions, you will play a vital role in ensuring the growth and credit quality of our loan portfolio. The Credit Analyst will be expected to assist the underwriting of a wide variety of lending products, including complex and creative funding sources such as HUD 108, CDBG, NMTC, EDA, EPA, PIDA, SSBCI, and EB-5, as well as private CDFI programs.

Responsibilities

  • Application intake, review and analysis: Proactively liaise with PIDC’s Business Development Managers and Loan Processing/Administrators for effective and smooth client handoffs from application to underwriting. Draft financial spreadsheets, personal financial statement analysis, global cashflow analysis and preliminary underwriting analysis for internal review. Schedule and attend underwriting meetings and support assigned underwriter in loan structuring and other credit related discussions. Assist with the drafting of Term Sheets and secure source of funds for all deals in preliminary underwriting stages. Assemble underwriting materials in accordance with PIDC’s Policies and Procedures, and assist with written credit memos including project description, sources and uses of funds, outline of primary risks relevant to the sponsor and deal, accurate risk rating score, and comprehensive collateral, market and financial analyses. Enter and maintain required credit, loan terms, and impact related data in Salesforce (CRM) during underwriting, as well as document detailed client meeting and call notes.
  • Credit approval: Where applicable, present or support the presentation of credit memos internally and to PIDC’s Loan Committee. Input and maintain project-related files and data systems in coordination with PIDC policies. Draft Board Resolutions for Board approval as needed. Support PIDC’s Loan Processing/Administrators with obtaining City and other governmental approvals for financing as needed including preparation of forms or contracts in coordination with City, State and Federal officials. Enter all and make regular updates to ensure accuracy for credit approval and reporting purposes.
  • Settlement: Assist in drafting commitment letters and coordinating client handoff to Loan Administration/ Processing, Legal and Portfolio Management/Servicing Groups as the primary contacts for settlement, disbursements, and post-closing loan covenant monitoring. Ensure all required due diligence documents are complete and support project-related demographic, impact and employment data collection prior to settlement.
  • Portfolio Compliance and ongoing professional development: Support organizational compliance with all funding sources, including client eligibility screening and loan package compliance forms requirements. Develop expertise related to CDBG/HUD 108, EDA, EPA, PIDA, RACP, EB-5 and other public and/or private PIDC resources. Attend annual training/conferences from trade organizations, such as Opportunity Finance Network and Risk Management Association, to continually sharpen technical and industry knowledge.
  • Administration of Technical Assistance (TA) resources: Identify needs and opportunities for targeted TA and business support services for existing clients and prospects, i.e., business planning assistance, grant opportunities, referrals to key service providers or other support services, and more. Develop, and as needed, deliver technical assistance programs for PIDC’s clients and key partners, including the City of Philadelphia.  Represent PIDC’s loan programs at relevant networking, educational, and industry events.

Requirements

  • Minimum of three (3) years of experience with lending or loan processing as a primary responsibility.
  • Bachelor’s degree or equivalent work experience in business, finance, economics, accounting, or economic development, preferably within a CDFI or financial institution. Equivalent credit analysis training and non-academic experience may also be considered.
  • Experience with financial statement and tax return analysis for for-profit and non-profit companies is required.
  • Knowledge of business (C&I) or real estate lending, including federal agency loan programs, is preferred.
  • Excellent oral and written communication skills.
  • Proficiency in Microsoft Office Suite, loan servicing software, Salesforce, or other CRM/EMS.
  • Strong organizational skills and ability to project manage, multitask, prioritize independently, meet deadlines, and produce results with limited resources.
  • Strong problem-solving skills in sometimes difficult and time-sensitive situations.
  • Capacity and desire to function in a fast-paced work environment.
  • Flexible, self-motivated, and strategic thinker.
  • Bilingual (English/Spanish) or multilingual candidates preferred.
  • Valid driver’s license.
  • Some travel may be required (<10%).
  • Resident of the City of Philadelphia or willing to relocate within six months of employment.

Compensation and Benefits

PIDC offers a generous and comprehensive benefits package program that provides employees with high-value options and solid financial protection, meeting the personal needs of its people and their families.

How to Apply

Applicants can forward a resume and cover letter with annual salary requirement information
to: [email protected].