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Director of Lending
Posted: May 27, 2010 Regional Small Business Coach
Posted: May 26, 2010 Director of Lending
Organization Description
The Latino Economic Development Corporation (LEDC) is a non-profit, tax-exempt (501(c) (3) status) community development corporation founded in 1991. It is certified as a Community Development Financial Institution (CDFI). LEDC’s mission is to improve the wealth building capacity of low to moderate-income Latinos and other underserved communities in the Washington DC metropolitan area. It achieves its mission through small business development and lending, homeownership counseling and affordable housing preservation. LEDC’s loan portfolio includes loans in DC, Maryland and Virginia; and includes borrowers from a wide variety of ethnic and cultural backgrounds, and of business sophistication. LEDC’s main office is in the Adams-Morgan neighborhood of Washington DC, and has a branch office in Wheaton, MD.
Small Business Lending Program Background
One of LEDC’s most important services to small businesses is our micro-loan program. LEDC currently lends up to $50,000 for small or emerging businesses unable to obtain financing from mainstream banks. The goal of the program is to provide first step financing to promising entrepreneurs, and we ultimately seek to “graduate” them to larger loans with traditional lenders, thereby increasing their capacity to create wealth for their owners and economic opportunity for the communities they serve. Many businesses in low-income parts of the city are unable to grow for lack of capital. We provide financing to such businesses, helping cleaning companies, carry-out restaurants, hair salons, and the like to start or grow their businesses.
Position Background
Since FY2006, the amount of loans disbursed has increased from $79,000 to $654,000 in FY2009. Currently, the program has a portfolio outstanding of over $1.1 million dollars. As such, the rapid growth of the lending program requires experienced leadership to guide staff, share best practices, develop new products, and continuously improve the services that we offer to clients, with a vision of what the loan program can achieve for LEDC and its clients over the next five years. Specifically, the LEDC Director of Lending will aim to achieve the following objectives:
• Effectively manage portfolio risk (examination of underwriting and credit decision practices, loan concentration issues, pricing and reserve policies)
• Further develop LEDC pre and post loan technical assistance for lending clients
• Encourage innovation within the lending and business departments
• Effectively track and demonstrate positive financial and social indicators
• Develop annual and long term program and financial goals and objectives within the corporate mission and vision of LEDC.
Responsibilities
To meet these objectives, the Director of Lending will manage the following responsibilities:
• Increase financial separation of the loan program and LEDC as a whole, manage loan program budget, protect against a shortage of loan funds, and ensure loan program compliance with stakeholder requirements through coordination with Director of Finance
• Develop and manage regional loan program strategy, work with LEDC development staff to continually build sources of loan capital, improve internal processes and procedures.
• Monitor and evaluate portfolio performance in terms of financial sustainability and social impact and communicate the impacts of LEDC loans to other LEDC Directors and external stakeholders
• Develop new loan products, tools and processes to improve quality and efficiency of LEDC services to clients, and train staff members to use these tools
• Manage staff of loan officers, portfolio administrator, outreach manager, and portfolio manager—as well as occasional projects performed by consultants and interns
• Review all loans before going to credit committee (>10K) or to the Executive Director (<10K), and coach and train staff on loan practices as program expands, sign-off on credit recommendations.
• Cultivate relationships with commercials banks, credit unions and non-profit partners
• Coordinate with Director of Small Business Program to promote flow of information and learning across all business programs (technical assistance, training, and façade)
• Coordinate with Director of Communications for press and advocacy related to microenterprise development and micro-lending
• Devise strategies for incentives for balancing loan production and with loan performance.
• Direct compliance activity and reporting to investors.
Qualifications
• MBA or equivalent high level degree in accounting or finance
• At least five years of micro-lending or business lending experience, including underwriting and loan/portfolio management.
• Two years of management experience
• Strong grasp of domestic microfinance and community economic development best practices, tools, and operations
• Significant loan administration and underwriting experience preferred
• Hands on experience working with small business owners
• Bilingual (English/Spanish), and culturally sensitive
• Demonstrated commitment to working with low wealth community
Salary
• Salary is commensurate with experience, plus full benefits and generous vacation.
• Exempt position.
Start-date
• Looking to fill this position this summer.
LEDC is an affirmative action, equal opportunity employer; women and people of color are strongly encouraged to apply.
To apply, send cover letter and resume to Ivania Terán at
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
. No phone calls please. To learn more about LEDC visit www.ledcmetro.org.
Regional Small Business Coach
Organization Description The Latino Economic Development Corporation (LEDC) is seeking candidates for the Regional Small Business Coach position. This full-time position plays a key role in providing business one-on-one technical assistance to small business owners in Washington DC and Montgomery County, MD. Qualified candidates must possess a diverse set of skills including fluency in both English and Spanish, small business experience, and experience with immigrant populations. Position Background
LEDC’s technical assistance services help low-to-moderate income entrepreneurs acquire the skills and knowledge to successfully open and grow their businesses, including assistance obtaining licenses and permits, marketing, recordkeeping and business planning. Our clients range from small start-ups such as cleaning or construction companies to established restaurants with multiple employees and locations.
Responsibilities
• Provide on-on-one coaching and technical assistance to aspiring and existing small businesses to help improve their core business skills.
• Conduct weekly “How to Start a Business” workshops for pre-business clients.
• Working with Small Business Development Team, define and evaluate technical assistance menu of services and outcomes
• Manage the IDA matched savings program, from client application to successful completion of the program.
• Recruit and manage volunteers and consultants to assist with small business consulting.
• Outreach to existing small business owners and build client base.
• As needed, attend various networking events in the small business development community and assist Training Manager in trainings or presentations.
• Perform administrative tasks including intake, contact management and client data entry.
Qualifications
• Bilingual in English and Spanish
• Excellent communication and presentation skills, both written and verbal
• Bachelor’s in Business Administration or related field
• 2 – 3 work experience running a small business
• Ability to travel between Washington DC and Wheaton, MD office on a regular basis
• Available to work some nights and weekends
• Experience and/or familiarity with small business financial management.
• Experience and/or familiarity with small business marketing strategies.
• Excellent organizational skills and ability to manage and multi-task in a fast-paced environment
• Strong technical skills including Microsoft Excel, Word, PowerPoint and Publisher
• Self-starter, who is able to work with limited supervision
• Demonstrated ability to relate to people from a broad range of socio-economic backgrounds, formal education levels, cultures, etc.
• Strong knowledge of and sensitivity to Latino culture.
• Understanding of small business development as a tool for community-based economic development.
• Familiarity with popular education, coaching or other alternative education approaches a plus.
Details
- Salary is negotiable depending on experience, qualifications, and salary history. Range is $40K - $50K per year.
- Compensation includes 3% 401K matched savings plan, healthcare plan with ZERO employee contribution, 4 weeks of vacation.
- The LEDC offices are located at 2316 18th St. NW, Washington DC 20009 and in Montgomery County, MD at 2405 Price Ave, Wheaton, MD 20902.
To apply, send cover letter and resume to Emily Coronado, Director of Small Business Development at
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
. To learn more about LEDC visit www.ledcmetro.org.
LEDC is an affirmative action, equal opportunity employer; women and people of color are strongly encouraged to apply.
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