LOAN PROGRAM ANALYST

State of Illinois • Chicago, IL

10d • $6,820 - $9,875 • Hybrid

About The Position

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

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

Requirements

• Education 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 review of 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.
• Ability to work overtime when requested or required, including scheduled, unscheduled, or last-minute overtime; this may require evenings and weekends.
• Compliance with applicable revolving-door restrictions, including notifying the OEIG before accepting certain non-State employment offers during State employment or within one year after leaving State employment.

Nice To Haves

• Two years of experience in commercial lending, credit underwriting, credit or risk analysis, or financial analysis, including review of financial statements, leverage, cash flow, collateral, covenants, and loan structures.
• Two years of experience drafting internal credit memoranda or equivalent underwriting documents supporting credit decisions, including articulation of 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, performing risk and compliance screenings, conducting 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 (ERP) 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 knowledge of program eligibility frameworks.
• At least two years of experience working 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 for businesses seeking access to DCEO credit programs, handling the process from beginning to end.
• Communicate with lenders and provide technical assistance and program guidance.
• Support outreach and marketing functions for the Department’s small business financial assistance programs.
• Prepare internal credit memoranda, presentations, reports, and supporting documentation for management and stakeholders to discuss and determine credit approvals.
• Assist the Loan Program Manager with program data management and compliance and reporting requirements.
• Assist with loan compliance reviews, monitoring lender adherence to approved terms, risk mitigation activities, and review of closing documentation.
• Perform other duties reasonably within the scope of the listed responsibilities.

Benefits

• Pension program
• Competitive 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
• 10–25 days of paid vacation annually, including 10 days in the first year of employment
• 13 paid holidays annually, or 14 in even-numbered years
• Flexible work schedules when available and dependent on the position
• 12 weeks of paid parental leave
• Deferred Compensation Program, a supplemental retirement plan
• Optional pre-tax programs, including Medical Care Assistance Plan (MCAP) and Dependent Care Assistance Plan (DCAP)
• Federal Public Service Loan Forgiveness Program eligibility
• GI Bill training and apprenticeship benefits eligibility for qualifying veterans
• 5% salary differential for bilingual positions
• Commuter Savings Program for Chicago employees

What This Job Offers

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