Director of Lending

Background

Common Capital is a nonprofit CDFI loan fund that creates economic opportunities for people in Western Massachusetts. We support local entrepreneurs by responsibly lending money to small businesses that are unable to get loans from banks and other conventional lenders. And we provide free business education and training to our borrowers, which helps them grow, thrive, and succeed.  Since 1990, we’ve worked to strengthen communities by lending money to businesses owned by low- and moderate-income people, women, people of color, and immigrants in western Massachusetts. Common Capital is a subsidiary of Way Finders.

Summary

The Director of Lending ensures robust full-cycle loan work is completed in a manner that meets or exceeds goals, and within industry standards, including pre-loan outreach, applicant and borrower communications, loan underwriting, loan closings, portfolio maintenance, collections, and other loan management duties.

Responsibilities

Responsibilities include:
•    Review loan applications, perform due diligence, prepare credit memos, and make presentations to loan committee; order and review loan documentation and conduct closings
•    Maintain the aging of the portfolio within industry standards and manage all work out and collection activities in coordination with the President
•    Manage and train the lending team, including dotted-line personnel as appropriate and assigned
•    Represent the agency at appropriate public meetings to market programs
•    Participate in the design of the annual marketing plan as part of the marketing team
•    Provide oversight of pre-loan and post-loan business technical assistance and training services, including both those provided by internal staff and external contractors
•    Monitor and ensure that all loan documents, including lending and portfolio policies and procedures, are safeguarded and that all files and all lending records and policies are up to date
•    Exercise good judgment in all aspects of the duties and responsibilities associated with this position; demonstrate professional, considerate, cooperative, and constructive attitudes and behaviors when working with other staff members, loan clients, board members, and the general public
•    Maintain the confidentiality of agency, client, and staff information

Supervisory responsibilities include:
•    Set effective and achievable training plans for new staff members; evaluate and make process improvements based on feedback
•    Evaluate and provide timely feedback to staff on performance-related matters; assess staff members’ strengths and developmental needs; implement performance plans to ensure the development and/or maintenance of necessary skills
•    Hire new/replacement staff in an efficient and equitable manner, following recruiting process guidelines
•    Provide proper support and mentoring to supervisory-level employees to ensure they manage their team effectively through training, communication/feedback, group and 1:1 meetings, timely evaluations, performance plans as necessary, and efficient and thoughtful hiring
•    Those directly and indirectly supervised may include Loan Officers, Credit Analysts, Business Assistance Manager, Business Assistance Coordinators, and Business Navigators

Requirements

Requirements include:
•    7 years’ equivalent experience in commercial and/or CDFI lending, or a related role, with 5 years as a field specialist; a combination of experience plus a Bachelor’s degree may be a substitute 
•    Experience in managing a lending department
•    Ability to conduct due diligence and to evaluate credit worthiness
•    Experience managing a loan portfolio
•    Adept with Microsoft Suite and database systems, with comfort learning new technologies and applications
•    Capacity to communicate effectively with diverse constituencies
•    Must be creative, flexible, and a team player
•    Ability to travel throughout Western Massachusetts as appropriate and assigned
•    Adaptable to changing priorities and assignments while consistently reaching goals; understanding and acceptance that some unpredictability is the nature of the job

Compensation and Benefits

Wage starts between $90,000 and $106,000 per year depending on equivalent qualifications. Benefits include:  20 days accrued paid time-off during year one | 15+ holidays annually | Health, dental, and vision insurance options FROM DAY ONE | Educational assistance | Medical Reimbursement Account | Dependent Care Account | 403(b) retirement plan with employer match | Life insurance | Short-term and long-term disability insurance | Transportation benefits | Employee Assistance Program | Annual staff picnic!

How to Apply

Careers – Common Capital (www.commoncapitalma.org/careers)   Click on the “View Current Openings” button, which will take you to the application page at paycomonline.net.