Loan Officer (Bilingual)

Way Finders•Springfield, MA

7d•$64,000 - $75,000•Hybrid

About The Position

Common Capital, Inc., a Way Finders subsidiary, is seeking a bilingual (English/Spanish) Loan Officer. Common Capital creates economic opportunities for people in Western Massachusetts by responsibly lending money to small businesses that are unable to get loans from banks and other conventional lenders. This role involves underwriting new loans, preparing loan renewals and modifications, managing borrower relationships, collecting past due payments, and conducting outreach and marketing. A data coordination and analysis component is also included. The position offers a hybrid-remote work arrangement, with approximately three days per week onsite in Springfield, MA.

Requirements

7 years’ equivalent experience in a business or finance role, with 3 years as a field specialist in small business/CDFI lending and/or data coordination; a combination of experience plus a Bachelor’s degree may be a substitute
Bilingual (English/Spanish) written and verbal skills highly preferred
Ability to conduct due diligence and evaluate credit worthiness
Experience managing an accounts portfolio
Skilled in researching data and information and applying good judgment when reviewing loan applications
Demonstrated ability with Microsoft Office applications (especially Excel), and comfort learning new technologies
Strong in presenting data in clear, visually appealing, readable reports
Ability to work both independently and as a member of a team, with the capacity to communicate effectively with varied audiences
Ability to travel throughout Western Massachusetts for meetings and trainings

Nice To Haves

Experienced underwriter or credit analyst
Less-experienced applicants who have, in some real capacity, worked in the underwriting process for business or commercial loans
Those in banking who have these skills and want to grow their career

Responsibilities

Respond to loan inquiries, review loan requests, and conduct interviews with potentially qualified applicants
Underwrite loans by interviewing loan applicants, conducting due diligence, preparing financial spreadsheets and analyzing financial data, preparing written analyses of business loan applicants and borrowers, and performing risk assessments
Finalize the loan process by preparing and submitting credit memos for further review, or recording and communicating loan denials in detail
Provide clear communication with clients concerning the outcome of their application: terms of loan approvals; specific reasons for loan denials; and possible avenues for future success
Prepare and review loan documents, and conduct loan closings
Provide clients with assistance as needed both during the application process and during the life of the loan, working in collaboration with business assistance personnel
Manage borrower relationships, including annual reviews of open loans
Provide support with loan portfolio management, including tracking borrowers’ submission of required reports, collecting reports, and following up with borrowers as needed to ensure compliance with financial and reporting requirements
Establish and maintain strong, collaborative relationships with business assistance providers, banks, and other referral sources
Remain current on rules, regulations, and lending guidelines of all funding sources, particularly the Small Business Administration (SBA)
Maintain the confidentiality of the borrower and staff information at all times
Collect and track outputs, outcomes, and impact data related to borrowers, applicants, and loans
Prepare impact data reports for internal and external stakeholders