Company: Washington Area Community Investment Fund (Wacif)
Location: Washington, DC
Job Function: Lending/Loan Operations
The Washington Area Community Investment Fund (Wacif) advances equity and opportunity in the Washington, D.C. area’s underserved communities by providing financial capital, business advisory services, and strategic networking support to underinvested entrepreneurs. Since its inception in 1987, Wacif has deployed more than $50 million in capital, served more than 3,500 entrepreneurs with business advisory services, and helped create or retain more than 20,000 local jobs. To learn more about Wacif’s work, visit www.Wacif.org.
TITLE: Senior Loan Officer/Underwriter
The Washington Area Community Investment Fund (Wacif) seeks to fill a full-time Senior Loan Officer/Underwriter position, who will be responsible for small business lending: credit analysis, loan underwriting and loan processing. The Senior Loan Officer/Underwriter assists in the underwriting of Wacif’s various cash flow-based alternative financing programs. The ideal Senior Loan Officer/Underwriter knows how to work in a dynamic collaborative environment, has strong financial analysis and writing skills, and seeks to play a pivotal role in a growing nonprofit community loan fund that is committed to mission-oriented small business lending across the region.
Under guidance of the Director of Lending Operations, the Senior Loan Officer/Underwriter performs work focused on small businesses, specifically on business and working capital loan transactions that may combine several non-traditional financing assistance programs that leverage different financing sources. This role is responsible for reviewing financial data, assessing credit risk, and structuring transactions working in conjunction with Wacif’s lending team. Additional responsibilities include providing competent, thorough, courteous, and efficient customer service to both internal and external customers with a minimal level of direction, guidance, and oversight.
REPORTS TO: Director of Lending Operations
Daily duties include but are not limited to:
• Identifying and meeting the financing needs of small businesses seeking commercial business loans;
• Underwriting small business loans and working collaboratively with the lending team;
• Analyzing and interpreting financial statements, delivering written reviews of financial information;
• Assessing the credit worthiness of potential small business borrowers moved into underwriting, by evaluating financial statements, tax information, organization information under the supervision of senior staff;
• Conducting research and due diligence relevant to loan applications under review;
• Spreading and interpreting financial statements, tax returns and projections;
• Finding solutions to core credit issues and risks discovered in underwriting and capable of using sound risk management practices to structure loan transactions;
• Determining and justifying the terms and conditions of those loans and handles the daily interaction with customers and prospects;
• Preparing high-quality, detailed credit memos that contain an in-depth analysis and an understanding and identification of credit issues and risks;
• Consulting with team members to recommend proper loan structuring that limits risk to the organization;
• Ordering and review third-party reports, appraisals and valuations (real estate, equipment, business, etc.) as required;
• Maintaining a satisfactory level of customer service to all stakeholders (internal and external customers, etc.) and maintain satisfactory level of communication with all partners;
• Performing interim and annual financial loan monitoring in close collaboration with the Portfolio Manager;
• Adhering to all compliance requirements established by the funders, investors, and Wacif through internal policies and controls; including the SBA Microloan Standard Operating Procedures (SOP), amongst others.
• Assisting all team members (portfolio, accounting, and operations departments) in the closing and booking of commercial loans;
• Reviewing the official SBA authorization and loan agreement for accuracy and to ensure the terms and conditions correspond with the approved credit authorization;
• Assisting in improving and streamlining the credit delivery process;
• Assisting with implementing marketing initiatives to promote the availability of the programs to local businesses.
• Working with the Chief Lending Officer, Director of Lending Operations, senior staff, and lending team members on business development activities, including participating in client and/or prospect calls and representing the organization in meetings when necessary;
• Collaborating closely with team members in the development, launch and execution of new lending programs;
• Working collaboratively within the lending team to meet lending goals and objectives;
• Participating in local small business and economic development organization and prospect meetings, when necessary;
• Identifying opportunities for collaboration with private sector, county, state, and federal organizations;
• Presenting recommended loan approvals to senior staff, Loan Review Committee and the Board of Directors;
• Providing reports at the direction of the Chief Lending Officer, including monthly activity reports, underwriting pipeline and loan closing status;
• Understanding of SBA Microloan Compliance and Reporting requirements;
• Representing Wacif as directed at various functions, events and forums;
• Working collaboratively with other departments to manage information, reporting and document preparation for various internal and external needs; and,
• Performing other duties as assigned.
· Entrepreneurial approach to work.
· Bachelor’s degree in accounting, business, economics, finance, or equivalent combination of training and experience from an accredited institution required.
· 5+ years’ experience in small business underwriting, mission-oriented financial analysis, loan processing, and deal structuring.
· Excellent commercial credit analysis skills and demonstrated commercial underwriting experience.
· Working knowledge of small business finance and lending and commercial real estate.
· Proven ability to build relationships with potential clients, as well as business and lending partners.
· Prior work-related experience and knowledge of community development lending, Small Business Administration (SBA) Microloan lending, as well as traditional and alternative loan programs is beneficial.
· Experience in the community development financial institution (CDFI) industry a plus.
· Experience and desire to increase access to capital for low/moderate income, diverse and other underserved entrepreneurs.
· Knowledge of loan origination and servicing software required.
· Experience or willingness to be trained and become proficient with commercial loan management systems and client relationship management systems
· Knowledge of and/or interest in community development, racial equity and economic inclusion.
· Strong financial skills and ability to develop and interpret financial statements applied to business accounting and finance principles are required.
· Hands on experience working with small business owners is a plus.
· Excellent verbal, written, and interpersonal communication skills.
· Detail–oriented individual, and ability to work independently and with a team.
· Fluency in MS Office suite (Excel, Word, PowerPoint), and superior analytical skills are required.
· Fluency in languages in addition to English is a plus.
· Occasional evening and weekend hours may be required.
Compensation and Benefits
Competitive salary commensurate with experience. Medical, Dental, Vision, Life & Disability coverages available. 401(k) retirement plan (employer matching contribution eligible); paid time off (increased with tenure), paid holidays and sick leave days, transportation benefits, and education assistance benefits (professional development, tuition reimbursement, and student loan repayment).
How to Apply
Interested candidates should email a resume/CV, thoughtful cover letter that outlines how your skills and experience meet the qualifications of the position, and salary requirements to Opportunity@wacif.org with “Small Business Market Manager” in the subject line.
Wacif is an equal opportunity employer and welcomes candidates from diverse backgrounds.
Wacif provides a flexible and hybrid working environment with the opportunity to work remotely.
* Candidates must be fully vaccinated for COVID-19 as a condition of employment; Reasonable accommodations will be considered.