Senior Loan Officer

About Dorchester Bay Economic Development Corporation (DBEDC)

DBEDC is a Community Development Corporation (CDC) and a certified Community Development Financial Institution (CDFI). Founded in 1979, we work to build a strong, thriving, and diverse community in Boston’s North Dorchester and Roxbury neighborhoods. We develop, preserve, and sustain affordable rental and ownership housing. We lend capital to and coach small businesses and prepare job seekers for well-paying, sustainable employment. We stabilize tenancies and foster community leadership. We’re focused on equitable development without displacement and providing opportunities for economic mobility.

We are one of Boston’s legacies and most established community development organizations, with an annual operating budget of approximately $11 million and a staff of 32.

About the Role

DBEDC is seeking a Senior Loan Officer to help expand our loan portfolio in underserved areas of Boston. In this impactful role, you'll report to the Director of Small Business and be at the forefront of promoting Dorchester Bay’s products while cultivating relationships that generate valuable leads. Your responsibilities will include ensuring an exceptional client experience through intake, loan packaging, and financial analysis. You'll provide credit recommendations based on our underwriting criteria, present final decisions to the CEO and Loan Committee, and guide clients through the closing process. This role will also supervise our Lending Officers, providing day-to-day support, feedback, and motivation to Lending Officers, as assigned by the Director of Small Business.

If you have a strong background in loan origination, and a desire to empower our community and drive positive change, we encourage you to apply!

What you can expect to do in the role:

• Promote Dorchester Bay loan products to small business prospects, community lenders, community partners, and financial institutions via various means: Webinars, Live presentations, Phone Consults, Forums.
• Build relationships and a referral base among small business owners, business associations, and community partners through participating in community events in the six neighborhoods we serve.
• Cultivate relationships with community partners, civic organizations, financial institutions, small business lenders, trade organizations, businesses, and education centers, to generate new partnerships for volume and quality client referrals.
• Work directly with Boston-based community partners in supporting entrepreneurs, startup and growing businesses to assist clients with the development of business plans, financial cash flow projections, sales/pricing, and market analysis.
• Generate a strong pipeline of qualified loan applications that meet Dorchester Bay’s lending criteria and mission.
• Conduct personal outreach in Dorchester Bay’s footprint—with an initial focus on Dorchester, Roxbury, and Mattapan—through in-person meetings and presentations and by using digital tools to reach Dorchester Bay’s key markets.
• Represent Dorchester Bay at business and industry events.
• Pre-screen, compile, structure, and analyze loan applications for eligibility, credit worthiness and repayment ability using established credit guidelines.
• Process complete application packages, including screening packages against product guidelines and required documents, entering and processing applications in our system, gathering all required documents and closing out loans (approvals or declines) within a target timeframe.
• Ensure that proper due diligence has been performed at every step of the process, including financial analysis, collateral analysis, or any other special circumstances.
• Analyze basic cash flow and repayment ability through interviews with business owners and review of loan applications, tax returns, bank statements, references, credit reports, employment and income verification, and collateral.
• Make decisive loan recommendations and clearly articulate a compelling case for loan decisions to the CEO and Credit Committee, including recommendations for approval/denial.
• Monitor and help collect DBEDC’s portfolio of small business loans.
• Develop workshop training materials or tailor existing materials to meet the needs of the community, and deliver workshops and training, including Access to Capital workshops.
• Provide one-on-one coaching to Business Development Program clients – individuals who set achievable goals unique to self-employed individuals and small business owners.
• Assist clients in assessing and resolving current financial challenges, while providing a wide lens on their financial health to shift the approach to proactive financial management.
• Connect clients in need of small business technical assistance with appropriate business resources.
• Assist our portfolio manager in working with clients whose loans are past due and/or their business is showing signs of trouble.
• Manage and organize files containing detailed and accurate loan documentation to ensure complete records for financial and regulatory compliance.
• Monitor market trends and opportunities.
• Enter data into CRM and work across teams to understand trends and adjust outreach strategies for improved lead quality.
• Assist with the development and implementation of products, services, and special initiatives within Dorchester Bay’s service area.

Required Qualifications:

• Desire to be part of an organization that is committed to racial equity and serves a diverse community predominantly of color.
• Have an understanding of and demonstrated commitment to racial equity, particularly as it applies to innovations in deploying capital.
• Be energized and motivated to assist entrepreneurs and small business owners with emphasis in serving challenged and under-resourced small businesses represented by minority, immigrants, and women owned clientele in Dorchester Bay’s target communities.
• A minimum of 4+ years of previous lending experience is required. Other relevant business development or sales experience in financial services as a loan consultant, business banker, or sales rep at a CDFI microfinance institution, consumer lender, bank, credit union, leasing company, or other financial institution may be substituted.
• Previous supervisory experience is preferred.
• Strong analytical and math skills with a willingness to use qualitative and quantitative data in decision-making.
• Knowledge of or experience with under-banked, low-income, and underserved populations is highly desirable.
• Loan underwriting experience.
• Demonstrated understanding how to develop and read financial statements, ratios, cash flow, and forecasting.
• Organized and a goal-oriented thinker who can set clear priorities among multiple tasks and stay focused on project benchmarks and deadlines.
• Outstanding written and verbal communication skills (English language), with cultural competency to connect with a diverse audience.
• Strong presentation skills, both in-person and in the virtual environment.
• Strong customer service and relationship-building skills with an awareness of how to connect resources and increase referrals.
• Proficient with virtual office environment and tools including, but not limited to: Zoom, Microsoft Teams, Google Meets and comfortable entering and tracking data in CRMs.
• Working knowledge of MS Office Suite or similar software.
• Highly motivated with an entrepreneurial spirit and strong ability to work independently but can also be a positive contributor to team and organizational efforts.
• Demonstrates sound judgment and effective decision-making skills.
• Self-awareness with a flexible, growth-oriented mindset.
• The right fit would be someone intellectually ambitious and always holding themselves accountable to a high bar of performance.
• Can work occasional evening or weekend to support activities needed outside of regular business hours.

Preferred Qualifications:

• Knowledge of banking or small business experience a plus.
• Verbal and written fluency in Cape Verdean Kriolu, Haitian Creole, Spanish, or Vietnamese is highly desired.
• Experience in mission-oriented or social impact lending financial analysis, deal structuring, and relationship and loan processing management are desirable.
• Experience with the CDFI industry highly preferred.
• Knowledge of Boston’s small business ecosystem is highly preferred.
• Knowledge of digital communication and social media tools a plus.
• This position requires the ability to work in physical environments including Dorchester Bay’s offices, and in other physical locations within the communities we serve.
• This role requires the ability to travel within Greater Boston.

Other important details:

• Don’t be discouraged from applying if you don’t “check all the boxes.” We appreciate the uniqueness of candidates, and there is no “perfect" resume!
• Salary range: $100,000 to $115,000

Benefits

DBEDC’s total compensation package features an amazing set of benefits that we considered towards the overall compensation, including:

• (5) Generous cost-sharing medical insurance packages for selection and no eligible waiting period.
• Employer-paid Dental and Vision coverage.
• Flexible Spending Account and Dependent Care Assistance Program
• Short-Term Disability, Long-Term Disability, Life and Accident Death
• Commuter Benefits Program
• Employee Wellbeing On-Demand Services
• Perks at Work Program
• Three personal days
• Four weeks’ vacation
• Fifteen sick days
• Seventeen paid holidays
• Birthday leave
• Five volunteer days
• 403 (b) plan with generous employer contribution
• Flexible hybrid work environment