Managing Director - Business Banking

Njeda • Newark, NJ

1d • Hybrid

About The Position

The Managing Director (MD) of Business Banking is a key leadership role at the New Jersey Economic Development Authority (NJEDA), responsible for driving growth in business banking and overseeing a portfolio of programs. The role contributes to NJEDA’s strategic goals and overall management, drawing on expertise in economic development, business banking, and small business services. It requires effective engagement with senior leaders, the NJEDA Board, government officials, and industry partners, as well as mentoring and managing a team with diverse expertise.

The MD leads the strategic direction and implementation of small business and community development programs, strengthens the business banking portfolio, expands small business services, and supports place-based initiatives. The position oversees the Business Banking Team and financial tools for businesses, with decision-making autonomy over products and services under its direct purview and guidance from senior leadership.

The position follows a hybrid schedule that permits up to two days of telecommuting per week, subject to high-speed home internet access and manager approval. Employees must establish and maintain their principal residence in New Jersey. Travel may be required when necessary for business operations. The position has minimal physical demands, may require work outside normal business hours, and is exempt from FLSA minimum-wage and overtime regulations.

Requirements

• At least 10 years of experience in economic development, business, or banking and finance.
• At least 5 years of supervisory experience.
• Proven knowledge of EDA programs and services, banking, SBA lending products, underwriting principles, financing, and incentives.
• Deep understanding of state business registration and reporting requirements and their effects on program design and administration.
• Experience with financing tools that support economic development, urban/community development, and small business.
• A bachelor's or master's degree in business administration with an emphasis in accounting, finance, or economics, or equivalent professional experience. An advanced degree or industry-specific certification may substitute for one year of experience.
• Ability to interpret regulations, develop processes, and maintain high attention to detail.
• Strong analytical skills, judgment, creative problem-solving, negotiation, and conflict-resolution skills.
• Effective verbal and written communication skills, including proficiency in grammar, spelling, and editing, and the ability to foster communication with business professionals and EDA staff.
• Must comply with the New Jersey First Act residency requirements.
• Must complete an annual Outside Activity Questionnaire and review required New Jersey State Ethics Guidelines.
• Must be authorized to work in the United States; NJEDA does not provide U.S. citizenship sponsorship.
• Must complete an annual self-assessment.
• Foreign degrees and transcripts must be evaluated by a reputable evaluation service at the applicant’s expense and submitted before the start date.

Nice To Haves

• Proficiency in Microsoft Office Suite is preferred.
• Advanced degree or industry-specific certification may be substituted for one year of experience.

Responsibilities

• Directly manage directors who develop and execute strategies to strengthen the business banking portfolio, expand small business services, and support place-based initiatives.
• Oversee small, medium, and large development projects, ensuring deadlines and key benchmarks are met.
• Be accountable for the success of small and midsize business banking programs.
• Manage development of decision memos and Board materials requiring approval from the Board and CEO.
• Manage relationships with CDFI entities.
• Lead strategic direction and implementation of small business and community development programs that support the state's strategic economic growth.
• Oversee the Business Banking Team and provide existing financial tools for businesses.
• Achieve targeted growth in business banking and small to midsize business services.
• Develop and launch banking and small to midsize business products and services tailored to market needs.
• Build, develop, mentor, and coach direct and indirect reports to improve skills, behaviors, and performance.
• Set staff goals and objectives and conduct semiannual and annual reviews against individual plans.
• Develop and implement team training and succession plans.
• Promote high performance, cross-functional collaboration, continuous improvement, learning, and quality.
• Promote teamwork and communication to foster an interactive, cooperative, collaborative, and customer-focused environment among the division, EDA staff, and external customers.
• Perform other duties and special projects as assigned.

Benefits

• Health insurance
• Retirement plans
• Extensive wellness programs
• Hybrid work schedule with up to two telecommute days per week, subject to internet access and manager approval

What This Job Offers

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