Loan Program Analyst

State of Illinois • Chicago, IL

9d • Hybrid

About The Position

The Loan Program Analyst (Executive II) at the Illinois Department of Commerce and Economic Opportunity evaluates credit proposals for businesses seeking access to the Department’s credit programs. The position combines financial analysis, risk assessment, lender engagement, and economic development to support responsible lending decisions and expand Illinois businesses’ access to financing.

The analyst communicates with lenders, provides technical assistance and program guidance, and supports outreach and marketing for small business financial assistance programs. The role also prepares credit memoranda, presentations, reports, and supporting documentation for management and other stakeholders; assists with program data and compliance reporting; and supports loan compliance reviews, lender monitoring, risk mitigation, and review of closing documents. The position works under general direction and may perform other related duties.

Requirements

• Education and knowledge equivalent to completion of four years of college; coursework in business or public administration is preferred.
• Two years of responsible administrative experience in a public or business organization.
• Two years of progressively responsible experience in commercial lending, credit underwriting, credit or risk analysis, or financial analysis, including reviewing financial statements, leverage, cash flow, collateral, covenants, and loan structures.
• Two years of professional experience drafting internal credit memoranda or equivalent underwriting documents supporting credit decisions, including articulating risks, mitigants, and structural recommendations in a unit of government.
• Completion of a background check and self-disclosure of criminal history.
• Must be available to work overtime when requested or required, potentially including evenings and weekends.

Nice To Haves

• Two years of progressively responsible experience in commercial lending, credit underwriting, credit or risk analysis, or financial analysis, including reviewing financial statements, leverage, cash flow, collateral, covenants, and loan structures.
• Two years of professional experience drafting internal credit memoranda or equivalent underwriting documents supporting credit decisions, including articulating risks, mitigants, and structural recommendations in a unit of government.
• At least two years of experience conducting borrower due diligence, including reviewing financial statements, analyzing repayment capacity, evaluating businesses, conducting risk and compliance screenings and legal and regulatory checks, and reviewing third-party reports such as appraisals, environmental assessments, and credit reports.
• At least two years of experience reviewing or working with loan documentation, including loan agreements, guarantees, collateral or security instruments, and closing packages.
• At least two years of experience presenting financial or credit recommendations to decision-making bodies such as credit, underwriting, or investment committees.
• At least two years of experience with loan management, credit analysis, or enterprise resource planning systems.
• At least two years of experience with government credit programs such as SBA 7(a)/504, USDA Business & Industry, or other federal or state-backed credit support programs, including familiarity with program eligibility frameworks.
• At least two years of experience with audit, compliance, or internal control frameworks in finance or credit settings.
• At least two years of experience in budgeting, grant administration, or loan administration.
• Four years of college with a concentration in accounting, finance, business, business administration or management, economics, mathematics or statistics, or data analytics or data science.

Responsibilities

• Evaluate credit proposals from businesses seeking access to Department of Commerce and Economic Opportunity credit programs.
• Communicate with lenders and provide technical assistance and program guidance.
• Support outreach and marketing functions for small business financial assistance programs.
• Prepare internal credit memoranda, presentations, reports, and supporting documentation for management and stakeholders involved in credit approval discussions and decisions.
• Assist the Loan Program Manager with program data and compliance and reporting requirements.
• Assist with loan compliance reviews and monitor lender adherence to approved terms.
• Support risk mitigation activities and review loan closing documentation.
• Perform other duties as required or assigned that are reasonably within the scope of the position.

Benefits

• Pension program
• Group insurance benefits, including health, life, dental, and vision insurance
• Three paid personal business days annually
• Twelve paid sick days annually, with unused sick days carrying over from year to year
• Ten to 25 days of paid vacation annually, with 10 days in the first year of employment
• Thirteen paid holidays annually, and 14 in even-numbered years
• Flexible work schedules when available and dependent on the position
• Twelve weeks of paid parental leave
• Deferred Compensation Program supplemental retirement plan
• Optional pre-tax Medical Care Assistance Plan and Dependent Care Assistance Plan
• Eligibility for Federal Public Service Loan Forgiveness
• GI Bill training and apprenticeship benefits eligibility for qualifying veterans
• Five percent salary differential for bilingual positions
• Chicago commuter savings program

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level