Position Posting: LEDC Director of Lending
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 small business client portfolio includes entrepreneurs in DC, Maryland and Virginia; and includes individuals from a wide variety of ethnic and cultural backgrounds, and of business sophistication. LEDC’s main office is in the Shaw neighborhood of Washington DC, with branch offices in Wheaton and Baltimore, Maryland as well as Arlington, Virginia and Mayaguez, Puerto Rico.
Overall Small Business Services Background:
LEDC provides aspiring and existing small business owners with support via a suite of services. We provide group training on various technical topics that are targeted to entrepreneurs at all stages of business development (from start-up to expansion modes). LEDC also provides one-on-one coaching to entrepreneurs to help them overcome barriers to development and success such as obtaining required licenses or permits, finalizing business plans, automating accounting systems, and developing marketing plans. The third component of our assistance is small business financing provided through our in-house microloan program. LEDC currently lends between $5,000- $250,000 for small or emerging businesses unable to obtain financing from mainstream banks and from $500-$2,000 for consumers to build or repair credit. The goal of the Lending 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 the low-income communities we serve are unable to start or grow due to lack of capital. We provide financing to such businesses, helping cleaning companies, carry-out restaurants, hair salons, and businesses in any field imaginable to start or grow their businesses.
Our Lending work has been a critical component in our work to help individuals create economic opportunity for themselves, their families, and their communities. Currently, the program has a portfolio outstanding of over $3 million. The rapid growth of our Lending portfolio 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 period. Specifically, the LEDC Director of Lending will aim to achieve the following objectives:
- Motivate and inspire a team of loan officers to fulfill their full potential of supporting small businesses through financial services;
- Maintain and create relationships with funders, including ensuring that all goals outlined in grant agreements are met or exceeded during contract periods;
- Secure new funding for lending operations and loan capital through existing and developed funder relationships related to the field;
- Effectively manage portfolio risk (examination of underwriting and credit decision practices, loan concentration issues, pricing, and reserve policies);
- Oversee the LEDC collections team (Operations Manager and Loan Administrators);
- Intervene directly when relevant/needed with LEDC borrowers;
- Encourage efficiency within the lending program by researching and applying industry innovations;
- 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;
- Demonstrate organizational leadership and input as a member of the LEDC Leadership Team.
To meet these objectives, the Director of Lending will manage the following responsibilities:
- Develop and manage regional lending program strategy, work with LEDC development staff to continually build sources of loan capital and operational funding;
- Monitor and evaluate loan portfolio performance in terms of financial sustainability and social impact and communicate the impacts of LEDC small business interventions to other LEDC Leaders and external stakeholders;
- Manage loan program budget and financial position, regularly evaluate micro-loan portfolio, and ensure loan program compliance with stakeholder requirements through coordination with our Operations Manager and CFO;
- 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 a staff of 9 consisting of 6 loan officers in 4 sites, an operations manager, and 2 portfolio administrators—as well as occasional projects performed by consultants and interns
- Review all loans before going to credit committee (>20K), approve loans between $5,000 and $20,000; and coach and train staff on loan practices as the program continues to expand;
- Coordinate and interface with LEDC’s Lending Committee which is made up of LEDC Board of Directors members;
- Cultivate relationships with governments, foundations, investors, corporate partners, commercial banks, credit unions, and non-profits;
- Promote coordination and collaboration across all small business programs (technical assistance, training, and lending);
- Devise strategies for incentives for balancing loan production with achieving social impact and reaching LEDC’s core constituents; and
- Monitor and/or lead compliance activity and reporting to funders.
- MA/MBA or equivalent high-level degree in accounting or finance;
- Excellent written and verbal communications skills required;
- Effective and motivational manager of diverse and disperse teams;
- Proven fundraiser, ideally bringing your own set of funder contacts;
- At least three years of micro-lending or business lending experience, including underwriting and loan/portfolio management or equivalent experience in finance. Two years of management experience;
- Strong grasp of domestic microenterprise, 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 a must;
- Innovative and creative problem-solving mindset;
- Bilingual (English/Spanish), and culturally sensitive required;
- Capable of coordinating across various internal departments;
- Able to track performance against goals vs. a series of externally- and internally-driven success metrics;
- Able to travel quarterly (or slightly more/less) to Puerto Rico to support our Puerto Rico Lending activity in Mayaguez and
- Demonstrated commitment to working with low-wealth communities.
- Salary is commensurate with experience, plus full benefits and generous vacation.
- Exempt position.
- Looking to fill the position in September 2019.
To apply, send cover letter and resume to Marla Bilonick, Executive Director at firstname.lastname@example.org
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.