LOAN UNDERWRITER

Job Locations US-NY-New York
ID
2021-1055
Category
Other
Type
Regular Full-Time

Overview

Who We Are:

Renaissance Economic Development Corporation (REDC) is a 501(c)(3) nonprofit organization whose mission is to build-up low-to-moderate income and immigrant communities in New York City by providing low-interest small business loans along with training and counseling services. REDC is an affiliate of Asian Americans for Equality, one of the country’s leading community development nonprofits. As an organization deeply rooted in the communities it serves, REDC works hand-in-hand with local business owners to ensure their long-term success. Renaissance also provides financial literacy services and comprehensive technical assistance to small business owners and entrepreneurs each year through individual counseling and classroom sessions.

 

We are US Treasury certified Community Development Financial Institution (CDFI), Small Business Administration (SBA) Intermediary Microlender, and SBA Community Advantage (7a) lender. Renaissance’s lending activities are guided by a commitment to increase business opportunities for low-income, minority, women, and immigrant entrepreneurs. 

 

Position Summary: 

Reporting to the Director of Lending, the Loan Underwriter is a position focused on one of REDC’s main lending services which is our microloan program. Our microloan program currently lends up to $100,000 for small or emerging businesses unable to obtain financing from mainstream financial institutions. The Loan Underwriter will provide due diligence on loan packages to ensure that microloans are compliant with REDC’s credit policy and procedures.

Responsibilities

Key Duties and Responsibilities:

  • Underwrite microloan transactions, including performing complete due diligence on all the documents submitted in the loan package, as well as evaluating the business plan and related cash flow 
  • Prepare credit memorandum describing the business, including detailed financial analysis and a credit recommendation for the  review and approval of the loan committee.
  • Prepare -commitment letter and conduct loan closing
  • Prepare loan modification memos
  • Maintain loan data in the portfolio database
  • Maintain close customer contact to ensure continued satisfaction and to anticipate additional financing needs 
  • Participate in outreach and marketing of REDC products and services at different events
  • Follows policies and procedures, completes administrative tasks accurately and on time, and supports organizational goals and values 
  • Maintains the highest level of confidentiality with all information obtained.
  • Meets expectations for attendance and punctuality.
  • Perform other related work and duties as assigned

Qualifications

How we work:

We believe that the people and the communities that we have the privilege to serve, deserve our very best every day.  We are a results-driven organization that focuses on empowerment and impact. Renaissance employees are accountable, pragmatic, innovative and collaborative with a core strength of community service and development.  We are strategic thinkers who are committed to racial equality and treating each other, and the communities we serve, with respect and dignity.  This philosophy expands to the way we manage our work and the way we put our best foot forward.  All employees are expected to meet the following requirements and behaviors:

 

  • Bachelor's degree or combination of education and experience within accounting or finance.   
  • 3+ years’ experience with small business lending or business counseling.
  • Strong analytical, verbal, written and interpersonal communication skills with the ability to present information to a diverse customer base- specifically racially, ethnically and socially diverse.
  • Must be able to maintain confidentiality of sensitive materials and information
  • Strong organizational skills with demonstrated attention to detail and focus.
  • Ability to quickly gain knowledge of local businesses and resources
  • Hands on experience working with small business owners is a plus 
  • Experience working with low-income individuals in diverse communities
  • Demonstrated ability to multi-task, perform under pressure and to meet deadlines
  • Proficient in Microsoft Office Suite (specifically MS Word and Excel) and Google Documents.  
  • Bilingual English/Chinese (Mandarin or Cantonese), English/Korean or English/Spanish  
  • Support efforts that ensure a safe and healthy work environment.
  • Understand and embrace the value in collaborating with people of different cultures, races, genders, ethnicities, beliefs, experiences and ideas.
  • An understanding of the concepts of institutional and structural racism and bias and their impact on underserved and underrepresented communities.
  • Maintain a positive, helpful attitude.
  • Enjoy your time at work!

 

COMPENSATION:

Renaissance offers rich benefits, recognition, opportunities for professional growth and competitive salaries.  The range for this position will be between $50,000 and $55,000 ($24.73/hr to $30.22).  Salary offers will be based on the candidate’s experience in similar roles.  

 

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