Company: ProsperUs Detroit
Location: Detroit, MI
Job Function: Lending/Loan Operations
ProsperUs Detroit is a community economic development initiative that supports entrepreneurs and small business development in neighborhoods throughout Detroit, Hamtramck, and Highland Park. We are on a mission to advance economic equity in under-resourced communities by supporting entrepreneurs with opportunities and capital needed to build businesses, generational wealth, and vibrant neighborhoods. We do this by delivering radically supportive and culturally competent entrepreneurship training, financial coaching, technical assistance, and microlending. ProsperUs approaches the work with the belief that residents, small businesses and community organizations in all neighborhoods have the ability to engage and revitalize their own communities.
What You Will Do at ProsperUs
As a loan officer at ProsperUs Detroit, you will approach the work with an eagerness to support small businesses and entrepreneurs of color at a community development financial institution (CDFI) working in low- to moderate-income communities. Each day, you will collaborate with entrepreneurs and business owners to access capital and invest in the growth of their microenterprise. Working closely with your team, you will identify solutions to bolster relationships with entrepreneurs and enhance lending programming consistent with the organization’s mission. You are great at building relationships one-on-one, advocating for others, and writing concise communications. We are excited to welcome team members who are focused on intersectional equity in the context of entrepreneurship in Detroit, Hamtramck, and Highland Park.
- Origination, Underwriting, and Borrower Support
- Daily, you will invest in relationships with entrepreneurs to ensure that connection and trust are priorities of the ProsperUs lending program;
- You will be excited about assisting potential borrowers with goal setting related to accessing capital from origination through closing the loan;
- You will analyze and verify potential borrowers’ loan application information to determine creditworthiness and probability of repayment utilizing ProsperUs’ relationship-based approach;
- You will be responsible for facilitating borrower progress toward accessing a microloan with ProsperUs through concise attention to project management, including following up with potential borrowers on referrals to other business service professionals when applicable;
- You will be accountable for maintaining files and database for all borrowers including the intake form, full loan application, underwriting documents, and final loan presentation;
- Monthly, you will utilize the underwriting process to prepare loan presentations that will be shared with the ProsperUs Loan Committee for approval;
- Regularly, you will develop and conduct presentations related to ProsperUs lending for potential borrowers in the Entrepreneur Training Program and other associated opportunities;
- You will collaborate with team members to create and sustain programming and efforts related to entrepreneurs’ access to capital; and
- You will bolster outreach to potential borrowers and community members through various communication channels.
- Program Management
- You will understand and implement all guidelines related to confidentiality, regulatory, and quality-control requirements;
- You will maintain, iterate, and execute processes to ensure that ProsperUs’ approach to administering lending products and services is effective;
- You will be accountable for data and metrics related to ProsperUs’ lending programming for internal use, sharing with the board of directors, and completing grant reporting functions;
- You are a thought partner and enthusiastic about deepening the sustainability of lending products and services at ProsperUs; and
- You will contribute to the creation of concepts, proposal and application narratives, metrics, and budgets related to opportunities for new or renewed funding and/or partnership with stakeholders related to lending.
- Outreach and Strategic Growth
- You will cultivate strong relationships with business owners, entrepreneurs, and community stakeholders in the neighborhoods of Detroit, Hamtramck, and Highland Park especially with the networks of residents associated with the organization’s community partners;
- You will identify and refer entrepreneurs to other resources and services necessary to achieve their goal(s) related to accessing capital;
- You will support building relationships with key community partners related to access to capital, relationship-based lending, and resources on an ongoing basis;
- You will support the development of lending program plans and goal setting, also providing solutions-oriented recommendations and/or reports to leadership; and
- In collaboration with the Lending Team, we will identify and support opportunities to grow ProsperUs lending services in alignment with the strategic direction of the organization.
- Some other activities you will do to support ProsperUs:
- Identify opportunities to improve programming, make recommendations to leadership, and collaborate on program enhancements;
- Represent ProsperUs within the regional entrepreneurship ecosystem and in various networks locally and nationally, as required;
- Continue enhancing knowledge and expertise in equitable entrepreneurship, community economic development, and race equity; and
- Assist with special projects as assigned and other tasks deemed necessary to achieve overall goals and to operate a successful program.
Knowledge, Skills, and Abilities
While demonstrating a high energy and passion for ProsperUs’ work, including our clients, partners, mission, and values, you are also able to do or know the following:
- You have knowledge, experience, and credibility within neighborhoods and communities like those that ProsperUs serves. You are familiar with community-based organizations (CBOs), community development financial institutions (CDFIs), and nonprofits in Detroit and the region.
- You understand relationship-based lending services, products, and best practices and can see their benefit for entrepreneurship and small business development ecosystems.
- You are interested in working with technology systems and you can learn and use new software and tools as required. Experience with Salesforce is a plus, and training will be provided.
- You have a personal and professional commitment to intersectional equity, including the dismantling of racism and other forms of oppression that exist in the communities ProsperUs serves, specifically Black, Latinx, Arab, immigrant, and low- to moderate-income communities.
- You can manage timelines and understand how to communicate your needs to others including team members, partners, and other stakeholders.
- You want to find a solution. You can demonstrate proactive, entrepreneurial approaches to problem-solving with strong decision-making capability.
- You are self-motivated and able to work independently, but you also have practice working with internal or external teams and appreciate collaboration.
- You must be excited about finding solutions to challenges or barriers faced by those we serve.
ProsperUs is looking for candidates who have the following qualities:
- Experience and/or knowledge of business financials, banking principles, and accessing capital. An emphasis on entrepreneurship and economic development is a plus.
- At least two years of proven experience with skills in portfolio / asset management, commercial lending, loan servicing, compliance, or reporting for small businesses. Ideally, an emphasis of understanding businesses and entrepreneurs who encounter challenges related to systemic and institutional inequity. Bachelor’s degree in a related field preferred.
- Strong technical skills with Microsoft Office Suite (Outlook, Word, Excel, and Power Point) and Adobe Acrobat (or comparable tools), operating systems, and networks.
- Flexibility in days and hours available for scheduled work, including regular evening engagements and occasional weekend commitments
- Strong written and verbal communication skills in English. The ability to communicate in Spanish, Arabic, French, or Bangla is a plus.
Compensation and Benefits
Pay and Benefits
The salary range for this position is $50,000 to $65,000; in addition, we offer these supports to help you manage your mental, emotional, and physical health:
- You will have 11 nationally recognized holidays, an additional floating holiday to be used when you choose, and more time to rest around the winter holidays.
- When you join, you will have 15 days of paid time off (PTO) that you can use 90 days after joining the team.
- You can choose to join the organization’s benefits plan with health insurance (most paid by organization), org-paid vision, and org-paid dental.
- You can invest in the org-sponsored 401(k) and ProsperUs will match a portion of your contributions.
- You will have access to parental leave for giving birth, adoption, fostering, and supporting a partner who is giving birth.
- ProsperUs is a family-friendly work environment with accommodations for nursing parents, respect for childcare needs and practices, parental leave, and other supports.
- We care about your success. You will create a Learning Growth Plan to collaborate on with your supervisor, and we regularly check-in about how it’s going with Quarterly Conversations focused on goals and values.
- We encourage you to work where you feel most productive. Sometimes that means you’ll need to work in person, but we will also provide the tools and technology so you can work anywhere.
How to Apply
Please follow this link to apply today: https://prosperus.applytojob.com/apply/bfHqy5Gw80/Loan-Officer