• Position Description

Job Title: SBA 7 (a) Loan Closer Compliance Support Manager

Team: Institute Capital, a Community Development Financial Institution (CDFI)

Location: Durham, NC

Reports to: SVP-Operations

Direct reports: None

Work schedule:

Full time, M-F, 9 – 5, In Office

FLSA status: Exempt

ABOUT THE NATIONAL INSTITUTE OF MINORITY ECONOMIC DEVELOPMENT:

The National Institute of Minority Economic Development exists to strengthen the asset base of diverse populations through policy, education, and economic opportunities. We do this by helping diverse small businesses, HBCUs, and nonprofit organizations to grow, thrive, create jobs, become sustainable, and be valued partners within their local communities. Our vision is economic prosperity for diverse populations and an environment in which race, gender, and geography are no longer a barrier to economic opportunity and prosperity. Our core values are trust, excellence, innovation, and collaboration. We believe that all people should have equal opportunity to participate in and contribute to our economy and civic life.

ABOUT INSTITUTE CAPITAL (ICAP):

Institute Capital provides debt and investment capital to affordable housing developers, community-based development organizations (CBDOs) and small businesses. Our goal is to revitalize and transform diverse communities through affordable housing, entrepreneurship, HBCU collaborations and community development.

As a certified Community Development Financial Institution (CDFI), Institute Capital seeks to provide high-impact lending to borrowers who cannot typically get capital from mainstream financial institutions, and who are working to create thriving economies in communities that represent the most diverse populations.

ABOUT THIS ROLE:

Reporting to the Senior Vice President of Operations, the SBA 7 (a) Loan Closer & Compliance Support Specialist is responsible for assembling, preparing, and verifying all closing documents related to all Small Business Administration (SBA) 7(a) loans business loans, ensuring compliance with company and SBA policy. This role is critical in coordinating and managing all aspects of the closing process to ensure all terms and conditions of the loan approval are met. Review loan documentation to identify and resolve potential problems in the closing process, ensuring that all pre-closing requirements are satisfied. The SBA Loan Closer will also collaborate closely with the ICAP and Fiscal team and external clients, including attorneys, title agents, appraisers, and third-party vendors, to ensure loans are closed correctly and within compliance guidelines. Coordinates internal loan team and necessary external professionals and communicates directly with client and Bank closing counsel to resolve open closing conditions. Supports accurate, efficient loan closing to achieve department goals and key performance indicators.

PRINCIPAL DUTIES & RESPONSIBILITIES

The SBA 7 (a) Loan Closer Compliance Support position assumes the following tasks and responsibilities:

• Prepare and review SBA-specific documentation to ensure full compliance with both ICAP and SBA standards, demonstrating a strong attention to detail and understanding of regulatory requirements.
• Independently manage and track all steps from Loan Approval through Loan Closing for each client, making informed decisions to resolve any issues that arise.
• Take charge of closing SBA 7a loans, guiding clients through the process, ensuring proper execution of loan documents, and providing detailed explanations of the same to clients.
• Organize and maintain all required SBA documents prior to loan closing, ensuring complete and compliant loan packages.
• Input and manage SBA documentation within ICAP’s file storage system, demonstrating proficiency in database management and information security.
• Loan Support - Resolves any pending closing conditions by engaging with Bank closing counsel. Ensures that pre-closing requirements are satisfied in accordance with appropriate standards. Assembles and reviews due diligence and ensures that included documentation is satisfactory to the Bank.
• Auditing - Performs pre-closing audits of all submitted documents and conditions to ensure SBA eligibility.
• Quality Control - Completes quality checks of loan packages, document deficiencies, and resolves exceptions with customers and bankers.
• Coordinate the loan closing process for SBA 7(a) loans, ensuring accuracy, completeness, and compliance with regulatory requirements.
• Perform additional duties as assigned by management, adapting to new responsibilities with initiative and innovation.
• Review loan documents and financial statements to ensure adherence to underwriting standards and SBA guidelines.
• Collaborate with loan officers, borrowers, attorneys, and other stakeholders to facilitate smooth and timely loan closings.
• Assist in monitoring loan portfolios to ensure compliance with regulatory requirements, internal policies, and loan covenants.
• Conduct periodic reviews and audits of loan files to verify accuracy and completeness of documentation.
• Respond to inquiries from regulatory agencies, auditors, and internal stakeholders regarding loan compliance matters.
• Stay abreast of changes in SBA regulations, lending practices, and industry trends, and ensure that loan processes are updated accordingly.
• Collaborate with the compliance team to develop and implement policies, procedures, and controls related to loan compliance.
• Prepare closing documents, including loan agreements, promissory notes, and security instruments, in accordance with Institute Capital's policies and procedures.
• Conduct post-closing activities, such as funding disbursements, file maintenance, and documentation tracking.
• Assist in monitoring loan portfolios to ensure compliance with regulatory requirements, internal policies, and loan covenants.
• Conduct periodic reviews and audits of loan files to verify accuracy and completeness of documentation.
• Respond to inquiries from regulatory agencies, auditors, and internal stakeholders regarding loan compliance matters.
• Stay abreast of changes in SBA regulations, lending practices, and industry trends, and ensure that loan processes are updated accordingly.
• Collaborate with the compliance team to develop and implement policies, procedures, and controls related to loan compliance.
• Maintain accurate and up-to-date loan files and documentation, both electronically and in hard copy.
• Generate reports and dashboards to track loan closing activities, compliance metrics, and portfolio performance.
• Assist in the preparation of reports for management, regulatory agencies, and external auditors as needed.
• Perform other ICAP related duties deemed necessary.

POSITION QUALIFICATIONS

• At least five years of experience in commercial lending, loan closing, or loan compliance, preferably with a focus on SBA lending.
• Strong understanding of SBA 7(a) loan programs, regulations, and documentation requirements.
• Knowledge of loan closing processes, including legal documentation and settlement procedures.
• Familiarity with loan compliance regulations, such as those issued by the SBA, FDIC, and OCC.
• Excellent organizational skills and attention to detail, with the ability to manage multiple tasks and deadlines effectively.
• Proficiency in Microsoft Office Suite, with advanced skills in Excel and Word.
• Strong communication and interpersonal skills, with the ability to work collaboratively with internal and external stakeholders.
• Ability to maintain confidentiality and handle sensitive information with discretion.

PHYSICAL REQUIREMENTS/WORK ENVIRONMENT

The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

• Close vision is required.
• Employees are regularly required to: sit; talk and hear; use hands to finger, handle or feel; and reach with hands and arms.
• Employees are frequently required to type and use a keyboard.
• The employee must occasionally lift and/or move up to 10 pounds.

YOU CAN EXPECT:

• Starting salary range: $65,000-$73,000 based on education and experience.
• A compassionate and supportive work environment.
• A background check conditional for job offer. Must satisfactorily pass a national service criminal history check that includes national sex offender registry, State Police, and FBI checks.
• The Institute and Institute Capital is an equal opportunity employer.

HOW TO APPLY:

For consideration, interested candidates must submit a cover letter and resume. Cover letters must address candidate experience and qualifications being sought.

Job Type: Full-time

Pay: $65,000.00 - $73,000.00 per year

Benefits:

• Dental insurance
• Employee assistance program
• Flexible spending account
• Health insurance
• Life insurance
• Paid time off
• Professional development assistance
• Retirement plan
• Tuition reimbursement
• Vision insurance

Schedule:

• 8 hour shift
• Monday to Friday

Ability to Relocate:

• Durham, NC: Relocate before starting work (Required)

Work Location: In person