Reports to: Director of Fondo Adelante
Revised: October 2020
Mission Economic Development Agency (MEDA) – Building on its 47-year history, MEDA is advancing innovative approaches to asset development. Its efforts are focused on serving low-income, Spanish-speaking San Franciscans. Our direct service programs serve 7,500 individuals each year through homeownership counseling and foreclosure intervention, business development, digital literacy, workforce development, financial education and free tax preparation. We also devote resources to research and evaluation, community organizing and advocacy. In the process, MEDA is helping to develop best practices in the field.
In 2015 MEDA launched a Community Development Financial Institution (CDFI) – Fondo Adelante – to provide loans throughout the San Francisco Bay Area to Latino-owned small businesses that are currently underserved by traditional and non-traditional lenders alike. Fondo Adelante’s initial micro and small business loan products provide loans of up to $100,000 to qualifying business owners. The CDFI has also launched several emergency loan programs to respond to COVID-19’s impact on Bay Area small businesses and is currently in the process of deploying more than $10 million in no-interest or low-interest loans. Fondo Adelante recently integrated its lending team with MEDA’s Business Development Program to better facilitate pre- and post-loan closing technical assistance (offered in both English and Spanish) for small business borrowers. With this integration of business capital and business coaching support, MEDA is meeting the needs of low-income, Latino-owned businesses to support asset-building through business growth and job creation in the San Francisco Bay Area.
MEDA is seeking a qualified Loan Servicing Specialist that will manage the loan servicing activities for Fondo Adelante’s growing small business portfolio. Qualified candidates will have demonstrated the ability to service small business loans, including managing collections and loan workouts. Fondo Adelante’s target market includes a wide spectrum of businesses, ranging from small, informal cash-based businesses with no formal credit and limited documentation to businesses with more than $1,000,000 in sales and 20+ employees.
This position reports to the Director of Fondo Adelante and works closely with the loan origination team to maintain portfolio quality. Fondo Adelante’s portfolio has grown rapidly through its emergency lending in response to COVID-19. So this is an exciting opportunity to join an ambitious, high-impact community lender and help strengthen its infrastructure at a critical inflection point in its growth.
DUTIES AND RESPONSIBILITIES:
- Oversee all aspects of Fondo Adelante’s loan servicing strategy, ensuring the lender meets its programmatic and impact goals, and remains in compliance with legal and funder requirements.
- Onboard new loans into systems and service loans through their life-cycle.
- Accurately enter loan transactions and other activity into proper systems.
- Prepare monthly billing and ACH reports.
- Prepare monthly payment reports and monitor payment activity/collections.
- Engage in assertive communication with borrowers, especially for at-risk loans and in negotiating loan workouts and loan modifications.
- Administer delinquency notices, loan payoffs, credit reporting, collateral perfection and release, and other detailed loan servicing activities.
- Support achievement of organizational and departmental goals and outcomes, including minimizing risk and maintaining a high repayment rate.
- Continue to develop small business loan servicing capacity, including implementation of new systems and policies related to the program.
- Manage the software systems used for loan servicing (primarily DownHome), and manage the relationships with the system vendors.
- Track and maintain portfolio performance data, which is necessary for reporting purposes to various funders and investors.
- Assist Director in regular reporting to Fondo Adelante Board and MEDA senior management.
- Participate in the systematized referral of existing borrowers to Fondo Adelante’s business coaching program for post-loan closing technical assistance.
- 3-5 years customer service experience in financial services (preferably business lending) as a loan officer, collections agent, or sales rep at a microfinance institution, consumer lender, bank, credit union, leasing company or other financial institution.
- Bachelor’s degree in business related subject, and loan servicing and collections experience preferred; knowledge of or experience with under-banked, low-income, and underserved populations is highly desirable.
- Spanish and English fluency is required
- Strong analytical, math skills with willingness to use qualitative and quantitative data in decision-making.
- Ability to understand and analyze loan documentation and related financial data.
- Proficiency in Excel required, and desire/ability to learn other software programs to manage loan portfolio.
- An entrepreneurial work ethic, creativity, and openness to exploring new ideas, systems, and financial tools.
- Commitment to MEDA’s mission and approach to economic and racial justice.
MEDA is an Equal Opportunity, Affirmative Action employer.
To Apply, please click on the following link: