As a means of addressing the enormous demand for capital among small businesses, estimated to be about $26 million, the City of Chicago put together the first microloan fund of its kind in the nation. KIDC or the Kinzie Industrial Development Corp was one of two organizations in Chicago to be recently accepted into the first Chicago Microloan Fund (CMI) program which provides microlending training and access to the $1 million loan fund to lend to small companies. Thus, this is an opportunity to create, grow and continually expand a new loan fund. The loan fund will focus on providing access to small companies who cannot get bank financing and who do not have access to traditional sources of capital.
Background -- Creating Jobs on Chicago's Nearwest Side
The Kinzie Industrial Development Corporation, or KIDC, is a 501(c)(3) not-for-profit organization that has been a part of economic and community development on the Near West Side for many decades. KIDC is the philanthropic arm of the Industrial Council of Nearwest Chicago (ICNC), a 501(c)(6) trade organization and industrial council representing 5,000 companies in and around the Kinzie Corridor. KIDC and ICNC also own and manage the Fulton-Carroll Center Incubator, a 410,000 square foot facility that provides space and business development assistance to 110 small companies.
KIDC is seeking an Experienced Microlender with lending, fundraising and start-up experience. The Director will be responsible for responsibly growing KIDC's loan fund and achieving all lending goals, including raising operating and capital funds and achieving a specific lending goal each month in dollar value and number of loans. Additional staff will be added as the loan fund grows and operating capital is raised.
This is a new position requiring an individual who is a creative and strong self-starter and problem solver. This individual will be responsible for developing relationships with and interfacing with banks, borrowers and the business community at large. The Director must be driven by the social mission of KIDC to provide credit and service to small businesses that do not have access to loans from commercial sources. In addition, the Director and loan fund staff must be capable of effectively marketing all ICNC/ KIDC services.
As needed, the Director provides advice and financial analysis of the client's business while educating the client on best practices, business principles, and industry/business standards and needs. This position requires comprehensive business knowledge in personal and business financials, sales and marketing, business management, and other business concepts/practices.
STARTING-UP LOAN FUND/SUPERVISING
Establishing, growing and overseeing KIDC's first microloan fund
Assisting with staffing the loan fund as it evolves
Working with the KIDC/ICNC team to effectively marketing all available business development services
Working with the bank and foundation community to raise both operating and capital funds
Developing creative proposals to attract funding to the loan fund
Generate quality business loans to meet organizational loan production goals
Administer and manage lending process by serving as a conduit between client and underwriting team, i.e. loan processors, loan closing staff, and underwriting staff, to insure that all required supporting documentation has been gathered to insure loan applications are completed
Conduct site, collection, and follow up visits to current lending clients
Conduct collateral inspections for loan applicants
Work with collections to ensure clients are successfully maintaining their business
Provide business counseling at all stages of ICNC clients' business life cycle (from startup to expanding and established)
Recognize client status toward a business loan and prepare client for business lending
Partner with technical partners to provide training on business topics, including: business plan preparation, marketing, accounting 101, and other support
Prepare prospects for a loan is a source for new business
Plan and conduct training and marketing seminars
Work with Asset Protection to provide clients options when struggling with loan payment
As loan fund grows, supervise and oversee staff to assist with lending operations
Create and maintain client and partner information in KIDC/ICNC database
Become proficient utilizing salesforce.com to maintain client and partner information
Maintain and update goals, plans and reports set forth by KIDC
Experience with micro lending, finance, fundraising and entrepreneurship/business start-ups
Ability to grow loan fund and supervise growing number of staff
Passion for microfinance and the organizational mission of providing credit to small businesses that do not have access to loans from commercial sources
Bachelor's Degree (Masters degree a plus) and 2+ two years of lending (preferably micro lending)
Knowledge of pricing of lending products and services, market research and financial forecasting
Ability to plan and conduct business workshops (in such areas as financial management, marketing, managing cash flow, business credit, business plan development/implementation, operations, tax issues, certification, etc.)
Understanding of the fundamentals of business finance and business lending
Sales experience and proven sales success
Very proactive and people oriented with proven ability to network and build relationships
Salary -- commensurate with experience plus good benefit package, start date immediate
To Apply- Please send cover letter and resume to firstname.lastname@example.org