REDC Junior Loan Underwriter
Position Title: Junior Loan Underwriter
Organization: Renaissance Economic Development Corp.
Report to: Lending Manager and Director of Lending
Work Location: New York, NY
Employment Status: Exempt
Renaissance Economic Development Corporation (REDC) is a 501(c)(3) nonprofit organization whose mission is to transform low-to-moderate income and immigrant communities in New York City by providing low-interest small business loans, 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 neighborhoods 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 a US Treasury certified Community Development Financial Institution (CDFI), 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.
The Junior Loan Underwriter is 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 Junior Loan Underwriter will provide due diligence on loan packages to ensure that microloans are within REDC credit policy and procedures.
Key Duties and Responsibilities:
- Underwrite microloan transactions, including business plan reviewing, financial analysis and due diligence
- Prepare credit analysis and recommendation memo for review and approval
- Prepare loan closing documents and loan payment requests
- 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 correctly and on time, supports organization’s 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
- Bachelor’s degree, preferably in Business Administration, Accounting or Finance
- One or more years of experience with small business lending or technical assistance
- Strong verbal and written communication ability and organizational skills
- Excellent knowledge of local businesses and resources
- Ability to work and communicate well on a team
- Hands on experience working with small business owners is a plus
- Experience working with low income individuals and diverse communities
- Demonstrated ability to multi-task, perform under pressure, and flexibility to meet deadlines
- Proficient computer skills using Microsoft Office and Google Documents
- Bilingual skills in Chinese or Spanish is highly desirable
Commensurate with experience. Excellent health benefits with paid vacation, holidays, sick days, and personal days.
Interested candidates should send a résumé, a writing sample, and cover letter via email to firstname.lastname@example.org. For further information about Renaissance, please visit our website at www.renaissance-ny.org.
*NO PHONE CALLS PLEASE. ONLY THOSE OFFERED INTERVIEWS WILL BE CONTACTED.
Renaissance Economic Development Corporation is an Equal Opportunity Employer