SBA Loan Specialist

Millennium Bank IL • Des Plaines, IL

2d • Remote

About The Position

Millennium Bank (Des Plaines, IL) seeks an SBA Loan Specialist to support lending operations by conducting financial analysis, ensuring compliance with SBA and due diligence requirements, coordinating loan closings, and assisting with loan monitoring, documentation, and risk management tasks throughout the loan cycle. Specific duties include: partner with Millennium Bank's lending staff by assisting with various aspects of the loan approval and closing process; review and analyze financial statements and tax returns to prepare an initial financial analysis of loan viability and submit complete loan packages in compliance with SBA SOPs and internal bank policies; guide borrowers through the SBA loan process, providing expertise on program options and requirements; calculate covenants and balance draw requests for construction and working capital lines of credit; track loan monitoring requirements and prepare annual loan reviews as needed; review and properly document various SBA required agreements such as landlord waivers, and franchise agreements to comply with SBA program requirements; order and review documents for various collateral types such as title commitments, UCC filings, Tax/Lien/Judgment searches to ensure all required due diligence is completed, and that proper vesting and lien position are correctly documented; coordinate loan closings and information gathering with lending personnel, borrowers and their attorneys, title companies, and other vendors as needed; review available loan documentation to ensure all required due diligence is completed and received prior to closing; assist with compliance and risk management duties as required; monitor the pipeline of loan applications and maintain accurate loan status reports; prepare commitment letters, credit memoranda, and other loan documentation; communicate with SBA representatives as needed for loan authorization or servicing issues; and stay current on changes to SBA programs, SOPs, and industry best practices. Option to work remotely from anywhere in the U.S. Position requires travel to client locations several times a month. Position requires travel to SBA events 1-2 times a year.

Requirements

• Master’s degree, or foreign equivalent, in Finance, Business, Management Science, or a closely related field
• 3 years of experience as a Credit Analyst, Assistant Manager, Credit Manager, or Financial Intern, or a similar position in commercial lending or credit underwriting, such as SBA Credit Analyst, Credit Manager, SBA Lending Specialist, or another comparable finance-related position
• Experience working with SBA loan programs such as SBA 7(a) and 504 loan programs
• Experience working with Small Business Administration (SBA) Standard Operating Procedures (SOPs) and ongoing updates to the SOPs including eligibility, collateral requirements, and credit standards
• Experience working with SBA E-Tran service
• Experience analyzing business and personal financial statements, tax returns, and cash flow projections
• Experience calculating key ratios (DSCR, global cash flow, LTV, etc.)
• Experience working with credit quality, policy adherence, and portfolio risk management
• Experience writing, communicating, and preparing detailed credit memos
• Experience interacting with loan officers, clients, and SBA representatives
• Proficiency with Microsoft Office Suite, especially Excel
• Experience working with loan origination systems (e.g., LaserPro, Sageworks, nCino, or similar)
• Experience managing multiple deals and deadlines in a fast-paced lending environment
• Accuracy and detail with financial documentation and compliance requirements
• Travel to client locations several times a month
• Travel to SBA events 1-2 times a year

Responsibilities

• Conducting financial analysis
• Ensuring compliance with SBA and due diligence requirements
• Coordinating loan closings
• Assisting with loan monitoring, documentation, and risk management tasks
• Partnering with lending staff to assist with loan approval and closing processes
• Reviewing and analyzing financial statements and tax returns
• Preparing initial financial analysis of loan viability
• Submitting complete loan packages in compliance with SBA SOPs and internal bank policies
• Guiding borrowers through the SBA loan process
• Calculating covenants and balancing draw requests for construction and working capital lines of credit
• Tracking loan monitoring requirements
• Preparing annual loan reviews
• Reviewing and documenting SBA required agreements (e.g., landlord waivers, franchise agreements)
• Ordering and reviewing documents for various collateral types (e.g., title commitments, UCC filings, Tax/Lien/Judgment searches)
• Coordinating loan closings and information gathering
• Reviewing loan documentation to ensure due diligence is completed prior to closing
• Assisting with compliance and risk management duties
• Monitoring the pipeline of loan applications
• Maintaining accurate loan status reports
• Preparing commitment letters, credit memoranda, and other loan documentation
• Communicating with SBA representatives for loan authorization or servicing issues
• Staying current on changes to SBA programs, SOPs, and industry best practices

Benefits

• health insurance
• dental/vision insurance
• 401(k) with company match
• paid time off
• paid holidays
• eligible for a discretionary annual bonus based on company performance and individual performance

What This Job Offers

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