The Economic Development Foundation (EDF) is a Certified Development Company (CDC) that originates, closes, and services 504 Loans on behalf of the Small Business Administration (SBA). EDF currently has a staff totaling eleven employees and is located in the downtown Grandville.
SBA 504 and 7(a) Loan Underwriter
The SBA 504 and 7(a) Loan Underwriter will work closely under EDF’s VP of Loan Operations and Senior Loan Officers to package and submit loans to the U.S. Small Business Administration (SBA) for approval. The loan underwriter must be able to work independently and prioritize as there are often multiple loans that are being worked on at one time.
Duties include, but are not limited to the following:
- Determine initial eligibility, credit, and loan structure;
- Initial credit rating based on EDF’s internal rating policy;
- Be a very detailed writer and be able to independently research a company to provide necessary background information;
- Complete credit memo for loan committee submission by conducting a thorough credit analysis;
- Assist EDF’s Loan Officer in presenting to loan committees;
- Upon loan committee approval, assist Loan Officer in working with the TPL and borrower to collect all needed documentation for the SBA application;
- Enter key credit, narrative, and project information into loan software to prepare the SBA Credit Memo;
- Prepare a loan authorization document for each application;
- Submit the complete application package to the SBA;
- Work with SBA to obtain approvals;
- Coordinate follow-up on any questions or screen-outs from the SLPC;
- Review the final authorization from the SBA for completeness.
- Bachelor’s Degree in Finance preferred or two or more years of commercial underwriting experience;
- Previous underwriting experience preferred, but not required;
- Able to research and evaluate data to make informed decision, and solve problems;
- Strong mathematical and analytical skills;
- Sense of discretion and willingness to maintain strict confidentiality of pertinent and sensitive information;
- Strong written and verbal communication skills;
- Excellent time management skills;
- Excellent attention to detail skills;
- Strong organizational ability.
- Ability to consistently meet deadlines
If interested, submit a resume and cover letter to [email protected]. Effective date: September 21, 2020.