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Lending Director

4 months ago

Detroit, United States The Ladders Full time
ProsperUs Detroit is a community economic development initiative that supports entrepreneurs and small business development in neighborhoods throughout Detroit, Hamtramck, Highland Park, and Inkster. We are on a mission to advance economic equity in under-resourced communities by supporting entrepreneurs with opportunities and capital needed to build businesses, generational wealth, and vibrant neighborhoods. We do this by delivering radically supportive and culturally competent entrepreneurship training, financial coaching, technical assistance, and microlending. ProsperUs approaches this work with the belief that residents, small businesses, and community organizations in all neighborhoods can engage and revitalize their own communities.

What You Will Do at ProsperUs

As the lending director at ProsperUs Detroit, you will approach the work with an eagerness to support businesses and entrepreneurs of color at a community development financial institution (CDFI) working in low- to moderate-income communities. You will partner with the lending team and organizational leadership to support entrepreneurs and business owners to access capital and invest in the growth of their microenterprise. Leading your team, you will identify solutions to bolster relationships with entrepreneurs and enhance lending programming consistent with the organization's mission. You are great at building relationships one-on-one, advocating for others, and communicating effectively with individuals from various backgrounds. We are excited to welcome team members who are focused on intersectional equity in the context of entrepreneurship in Detroit, Hamtramck, Highland Park, and Inkster.

Responsibilities
  1. Leadership
    • You will be passionate about providing strategic direction and leadership on the development and deployment of capital in pursuit of ProsperUs Detroit's mission; you will ensure that the lending team grows capital initiatives in a manner that is focused on relationships, rooted in accessibility, aligned with community priorities, and financially sustainable;
    • You will commit to developing and nurturing the lending team members; you will increase the organization's overall mission-aligned lending and portfolio management capacity by investing in the professional development of the team;
    • In collaboration with the operations team, you will focus on process improvement, efficiency, standardization, and automation within the lending and portfolio management processes, with the goal of increasing access to capital for historically excluded borrowers;
    • You will lead the consistent review and iteration to policies and procedures related to all lending practices; and
    • You will enthusiastically collaborate with organizational leadership to ensure that ProsperUs is a great place to work, continuously supporting the development of an inclusive and diverse organizational culture rooted in its mission and shared values.
  2. Management
    • You will provide oversight and management of the lending team members and any other future staff by managing recruitment, training, coaching, and accountability;
    • You will provide oversight and management of the lending process from origination to ongoing portfolio management in accordance with all relevant policies, procedures, and guidelines;
    • You will develop and maintain policies and procedures for new and enhanced capital products and programs to ensure seamless integration with the organization's priorities to be an accessible, patient, and flexible capital provider;
    • Regularly, you will provide lending-related data and analysis; ensuring borrower reporting and compliance is implemented in a timely manner;
    • You will supervise lending program budgets and revenues as developed in collaboration with the CEO and controller; also, you will support the development of loan fund financial projections;
    • You will collaborate with the operations team to ensure all lending processes and practices align and are integrated with organizational systems;
    • You will collaborate with the programs director to ensure borrowers' technical assistance and financial coaching needs are met; and
    • You will collaborate with the operations team to ensure borrowers are represented in marketing initiatives.
  • Outreach and Strategic Growth
    • You will consistently build and sustain the organization's network of partners and collaborators by developing and nurturing relationships with funders, investors, lenders, community organizations, and other stakeholders;
    • You will enthusiastically cultivate strong relationships with business owners, entrepreneurs, and community stakeholders through the networks of residents associated with the organization's community partners;
    • You will lead the development of lending program plans and goal setting, also providing solutions-oriented recommendations and/or reports to leadership;
    • In collaboration with organizational leadership, you will identify and implement opportunities to grow ProsperUs lending services in alignment with the strategic direction of the organization.
  1. Some other activities you will do to support ProsperUs:
    • Represent ProsperUs within the regional entrepreneurship ecosystem and in various networks locally and nationally, as required;
    • Continue enhancing knowledge and expertise in equitable entrepreneurship, community economic development, and race equity; and
    • Assist with special projects as assigned and other tasks deemed necessary to achieve overall goals and to operate a successful program.
Knowledge, Skills, and Abilities

While demonstrating a high energy and passion for ProsperUs' work, including our clients, partners, mission, and values, you are also able to do or know the following:
  1. You have knowledge, experience, and credibility within neighborhoods and communities like those that ProsperUs serves. You are familiar with community-based organizations (CBOs), community development financial institutions (CDFIs), and nonprofits in Detroit and the region.
  2. You understand patient and flexible lending services, products, and leading practices and can advocate for their benefit for entrepreneurship and business development ecosystems.
  3. You are interested in working with technology systems and you can learn and use new software and tools as required. Experience with Salesforce a plus, and training will be provided.
  4. You have a personal and professional commitment to intersectional equity, including the dismantling of racism and other forms of oppression that exist in the communities ProsperUs serves, specifically Black, Latiné, Arab, immigrant, and low- to moderate-income communities.
  5. You manage timelines and understand how to communicate your needs to others including team members, partners, and other stakeholders.
  6. You want to find a solution. You demonstrate proactive, entrepreneurial approaches to problem-solving with strong decision-making capability.
  7. You are self-motivated and able to work independently, but you also have practice working with internal or external teams and appreciate collaboration.
  8. You are excited about finding solutions to challenges or barriers faced by those we serve.
Minimum Qualifications

ProsperUs is looking for candidates who have the following qualities and experience:
  • Experience and/or knowledge of entrepreneurship and economic development is required. Bachelor's degree in a related field encouraged, master's degree preferred. A mix of work-experience and education will be considered.
  • At least five years of proven supervisory experience with skills in or related to commercial lending, loan servicing, compliance, or reporting for small businesses. Ideally, an emphasis on understanding businesses and entrepreneurs who encounter challenges related to systemic and institutional inequity.
  • Prior work-related experience and knowledge of community development lending, federal and/or state-sponsored lending programs such as CDFI Fund, Small Business Administration (SBA) Microloan as well as traditional and alternative loan programs preferred.
  • Strong technical skills with Microsoft Office Suite (Outlook, Word, Excel, and PowerPoint) and Nitro Pro (or comparable tools), operating systems, and networks.
  • Flexibility in days and hours available for scheduled work, including regular evening engagements and occasional weekend commitments.
  • Strong written and verbal communication skills in English. The ability to communicate in Spanish, Arabic, French, or Bangla is a plus.
Reports to: Chief Executive Officer

Status: Exempt, Regular Full-Time Personnel

Hiring Process and Timeline

Application Deadline: June 23, 2024

Interview includes:
  1. Screening Call with Selected Candidates
  1. In-Person Interview with Team
  1. Skills-Based Project with CEO and Leadership

Anticipated Start Date: July 2024

Pay and Benefits

The salary range for this position is $80,000 to $100,000; in addition, we offer these supports to help you manage your mental, emotional, and physical health:
  • Holidays: You will have 11 nationally recognized holidays, an additional floating holiday to be used when you choose, and more time to rest around the winter holidays.
  • Paid Time Off: When you join, you will have 15 days of paid time off (PTO) that you can use 90 days after joining the team.
  • Benefits Plans: You can choose to join the organization's benefits plan with health insurance (most paid by organization), org-paid vision, and org-paid dental.
  • Retirement Savings: You can invest in the org-sponsored 401(k) and ProsperUs will match a portion of your contributions.
  • Parental Leave: You will have access to parental leave for giving birth, adoption, fostering, and supporting a partner who is giving birth.
  • Family-Friendly: ProsperUs is a family-friendly work environment with accommodations for nursing parents, respect for childcare needs and practices, parental leave, and other supports.
  • Continuous Learning: We care about your success. You will create professional development goals to collaborate on with your supervisor, and we regularly check-in about how it's going with Quarterly Conversations focused on goals and values.
  • Flexible Schedule: Team members must be available 9 AM - 3 PM Eastern Time. We participate in a variety of events and collaborations, so we encourage team members to work additional hours with a schedule that works for them.
  • Flexible Work Environment: We encourage hybrid home / office work. Team members often work in-person, with three remote workdays allowed per week. In-person events and engagements are a regular responsibility of all roles at ProsperUs.

Don't check off every box in the requirements listed? Please apply anyway Studies have shown that historically excluded communities - such as women, LGBTQ+, and people of color - are less likely to apply for jobs unless they meet every single qualification. ProsperUs Detroit is dedicated to building an inclusive, diverse, equitable, and accessible workplace that fosters a sense of belonging - so if you're excited about this role but your experience doesn't align perfectly with every qualification in the job description, we encourage you to still consider applying. You may be just the right candidate for this role or another one of our openings

ProsperUs Detroit provides equal employment opportunities (EEO) to all employees and applicants for employment without regard to race, color, religion, gender, sexual orientation, gender identity or expression, national origin, age, disability, genetic information, marital status, weight, amnesty, or status as a covered veteran under applicable federal, state, and local laws. We seek a broad and diverse pool of candidates and strongly believe that our organization benefits from the perspectives and talents of a diverse staff who understand the unique needs of entrepreneurs in Detroit, Hamtramck, Highland Park, and Inkster.