Director of Lending and Training, Economic Opportunities Fund

Posted by on April 12, 2010

ECONOMIC OPPORTUNITIES FUND (EOF)
Director of Lending and Training

Job Announcement

The ECONOMIC OPPORTUNITIES FUND (EOF) is a certified Community Development Financial Institution that provides financial and technical assistance to micro entrepreneurs and businesses in the Philadelphia area.  It is a subsidiary of the Women’s Opportunities Resource Center (WORC), a nationally recognized non profit organization that promotes social and economic self-sufficiency for women, minorities and dislocated workers.  EOF offers a range of financing products (microloans from $500 to $25,000) and links customers to a comprehensive array of financial education and other services provided by WORC.

Since inception, EOF has made a total of 223 direct loans and 80 bank guarantee loans, for over $1M; EOF has packaged 45 loans totaling more than $4.4 million as an intermediary for the SBA Prequalification Program. EOF recently piloted its Near Equity Loan, an innovative and unique product in the microfinance industry. In the last year, EOF has more than doubled its loan volume disbursed. Over the next several years, EOF looks to continue to expand its market base and increase its loan volume and capital deployed.

EOF is looking for a professional who is dedicated and committed to meeting the needs of this underserved market. A strong background in small business financing with some understanding of consumer financing is desired. Individual should have existing contacts with local financial, economic development and business assistance communities and experience in community development lending. Management experience preferred.

RESPONSIBILITIES INCLUDE BUT NOT LIMITED TO:

·         Manages the Direct Lending Program: develops new business, analyzes, underwrites and approves/recommends loan requests, documents the loan, funds disbursements, bills clients and posts payments, monitors clients progress, monitors delinquency, and overall loan portfolio quality and performance. Responsible for collections and restructure of loans, where necessary.  Responsible for asset/liability management; loan program financial projections and assumptions; periodic reporting on adherence to loan covenants on loan program; and cash management of loan funds.

·         Manages EOF’s Loan Program including: helping in the completion and preparation of EOF’s loan application and related documents; coordinating, finalizing and presenting loan requests (e.g.: appropriate terms, rate, collateral, fees) to EOF’s Advisory Council.

·         Manages assigned consultants/staff

·         Packages Loans

·         Provides training and financial technical assistance

·         Recommends and develops new loan products for EOF

·         Coordinates and plans the EOF Advisory Council and Loan Committee meetings by setting the agenda, preparing reports and documents, conducting the meetings and recording the minutes

·         Assists reporting and grant compliance efforts by completing data collection and creating reports as needed for funders, Advisory Council or Board of Directors

·         Develops and implements EOF business plan/marketing plan and participates in fundraising and capitalization efforts

Salary is competitive based on experience and applicable skills. Salary maximum is 60k.  Benefits include: vacation, paid holidays, health/disability insurance and pension plan.  WORC/EOF is an equal opportunity employer and the board and staff value diversity in all aspects of employment.

FOR CONSIDERATION:
Please send a cover letter and resume along with salary requirements to loans@worc-pa.com or fax resume to 215-564-2350.    Resumes will be accepted until the position is filled.