About the position
The Small Business Loan Officer and Underwriter at the Latino Economic Development Center (LEDC) serves as a vital link between the organization and prospective borrowers. This role is crucial in the origination, processing, and underwriting of loans aimed at supporting entrepreneurs who often face barriers in accessing traditional credit. The primary objective of the Lending program is to provide financial assistance to promising entrepreneurs, enabling them to overcome challenges in starting, sustaining, and growing their businesses. By offering financial support, LEDC empowers its clients to create wealth and economic opportunities within their communities. As a US Treasury certified Community Development Financial Institution (CDFI) and a Small Business Administration (SBA) Microloan Intermediary, LEDC plays a significant role in the economic development of low- to moderate-income individuals. The Senior Small Business Loan Officer is responsible for processing loans ranging from $2,500 to $250,000, specifically targeting small or emerging businesses that are unable to secure financing from mainstream banks. This position requires a proactive approach to outreach, relationship building, and thorough analysis of loan applications to ensure that the financial needs of clients are met effectively. The role involves personal outreach, including client meetings and presentations, to foster relationships with community organizations, credit unions, and governmental agencies. The officer will consult with clients to assess their lending needs, review loan applications for completeness, and analyze financial statements to determine eligibility. Additionally, the officer will evaluate credit risks, prepare detailed credit memos, and assist in managing clients whose loans are past due. Empathetic communication is essential, especially when conveying loan denials and explaining credit deficiencies. The officer will also connect clients with technical assistance resources to support their business development efforts.
Responsibilities
- Act as a single point of contact between LEDC and prospective borrowers.
- Originate, process, and underwrite loans for small businesses.
- Conduct personal outreach, including client meetings and presentations.
- Develop and maintain relationships with community organizations and financial institutions.
- Promote LEDC products and services through webinars, presentations, and forums.
- Consult with clients about their lending needs and financial goals.
- Review and analyze small business loan applications for completeness and eligibility.
- Interpret financial statements, tax returns, and projections.
- Verify the feasibility of proposed loan structures and assess borrower capacity.
- Evaluate credit risks and repayment capacity for loan applicants.
- Prepare detailed credit memos following lending policy and underwriting guidelines.
- Assist portfolio management with clients whose loans are past due.
- Communicate loan denials empathetically and explain credit deficiencies.
- Organize and manage loan documentation for compliance purposes.
- Connect clients with small business technical assistance resources.
Requirements
- Bachelor's degree in business administration, Accounting, Finance, or related field.
- Excellent communication and presentation skills, both written and verbal.
- Proficient in Microsoft Office, including Excel, and other online SaaS portals.
- Demonstrated commitment to working with low-income communities.
- Understanding of small business development as a tool for community-based economic development.
Nice-to-haves
- Bilingual (English/Spanish).
- 2+ years of experience with a commercial lender.
- Experience or familiarity with small business financial management and marketing.
- Experience providing small business technical assistance and/or training.
- Hands-on experience working with small business owners.
- Ability to attend events or meet with clients occasionally on nights and/or weekends.
Benefits
- Healthcare insurance at no cost to employees.
- Vision insurance at no cost to employees.
- Dental insurance at no cost to employees.
- Disability insurance at no cost to employees.
- Life insurance at no cost to employees.
- Sick leave, vacation, and personal days.
