Manages credit risk and customer relationships in an entry level portfolio of loans, guarantees and grants. Handles bond modification requests, evaluations and approvals to ensure compliance with bond program guidelines and Internal Revenue Service requirements for tax exempt bonds.
Essential Duties and Responsibilities
Manages credit risk within assigned portfolio, including collecting and spreading all required borrower financial statements and completing credit analyses reviews per department policies.
Monitors loan payment delinquencies and works with customers to collect payments as needed, as well as to resolve administrative payment issues.
Completes Quality Assurance review of new project files.
Responsible for maintaining complete and up to date customer/project files, in EDA's document management systems
Promptly identify deteriorating credits and assign appropriate ratings. Involve Special Loan Management officers and processing transfers to Special Loan Management as needed.
Manages call options and loan maturity renewals promptly.
Handles loan modification requests, including loan maturity renewals, which includes obtaining needed information, negotiating terms of approval, completing a full credit analysis (including cash flow, collateral, EDA risk rating and loan pricing models), and preparing approval memoranda in accordance with delegated authority or board approval policies. Ensures loan documentation is amended accurately and promptly.
Presents loan approval requests to management and Director's Loan Committee. Attends EDA Board Meeting to address questions regarding those modifications requiring Board action.
Evaluates all post-closing modification requests for NJEDA bonds for compliance with EDA policies and IRS requirements for bonds.
Works with customers and bond counsel to obtain completed modification applications; interviews customers, bond counsel and lending partners, obtains and evaluates the information needed to thoroughly understand and evaluate modification requests and compliance issues, including bond counsel opinion and/or DAG review as required.
Prepares board and/or delegated authority approval memoranda per department policies.
Ensures execution of proper legal documentation, including prompt filing of IRS forms 8038, collection of required fees, and document filing and retention per EDA's tax compliance.
Conduct site visits with customers to evaluate business operations and management and to identify new business referrals opportunities. Prepares site visit reports.
Stay abreast of pertinent subjects including bond regulations, financial and bond markets, economic conditions, GAAP standards, portfolio management, collateral control and legal issues.
Promote teamwork and communication to encourage and interactive, cooperative, collaborative and customer focused work environment among division, EDA staff and external customers.
Performs other duties or special projects, as assigned.
Required Skills and Abilities
Ability to perform credit analysis of business (corporate, partnership, LLC, and non-for-profit etc.) financial statements and tax returns. Understand supporting information such as leases, cash flow reports, projections, and aging reports. Ability to interpret and analyze personal tax returns, statements and credit reports. Ability to prepare global debt service, collateral coverage and personal cash flow analyses.
Ability to spread financial statements using Moody's KMV software in accordance with commercial lending standards and EDA policies.
Ability to analyze real estate, equipment, and corporate asset valuations using external appraisal reports and equalization values and determine collateral risk and calculate accurate Loan-To-Value ratios given EDA's lien priority.
Ability to interpret loan and bond documentation to identify actions and parities to the agreement required to complete bond customer request, and modification documentation needed to protect EDA's interests in loans.
Ability to communicate effectively both verbally and in writing; proficient in grammar, spelling and editing; and promote effective relationships with business professionals and EDA staff.
Ability to prioritize workload, must be highly organized and handle various tasks simultaneously and work independently within limited time constraints with little or no supervision.
Must be able to maintain confidentiality and deal effectively and diplomatically with business professionals and EDA staff.
Effective analytical, interpersonal, negotiation and organizational skills
Demonstrates respectful behavior and promotes teamwork and communication to encourage an interactive, cooperative, collaborative and customer focused work environment among division, EDA staff and external customers
Proficient in Microsoft Office Suite, CRM; Moody's KMV and Enable; possess the ability to learn new software packages quickly.
Education and Experience Requirements
Bachelor's Degree in Business, Economics, Accounting or Finance and/or equivalent professional experience
Five years of financial or banking experience including commercial credit training, lending, loan review or similar experience
Knowledge of private activity bonds, including direct purchase and publicly issued bonds, rules and regulations for tax exempt bonds, arbitrage and IRS filing requirements, tax compliance and related legal documentation
Advanced degree or industry specific certification may be substituted for 1 year of experience
Ability to work outside of normal business hours, as needed
Certificates and Licenses Required
The examples of work for this title are for illustrative purposes only. A particular position using this title may not perform all duties listed in this job description. Conversely, all duties performed on the job may not be listed. This job description is intended to convey information essential to understanding the scope, general nature and level of work performed by job holders within this job. This job description is not intended to be an exhaustive list of qualifications, skills, efforts, duties, responsibilities or working conditions associated with the position.
Your employment at NJEDA is voluntary and subject to termination by you or NJEDA at will, with or without cause, or with or without notice, at any time. Nothing in this job description shall be interpreted to conflict, eliminate or modify the employment-at-will status of NJEDA employees.
This position is considered exempt and is excluded from minimum wage, overtime regulations, and other rights and protections afforded nonexempt workers under the FLSA.
NJEDA reserves the right to amend/revise this job description as necessary to meet current and changing business needs.
Equal Opportunity Employer
Must comply with the "New Jersey First Act" which requires employees hired after September 1, 2011 to reside in New Jersey. Non-New Jersey resident employees must relocate to New Jersey within one year of their date of hire and provide proof of residency to Human Resources.
Must complete an Outside Activity Questionnaire (disclosure of outside office or employment) on an annual basis.
New Jersey Economic Development Authority