Lending and Compliance Associate - Partners for the Common Good
Partners for the Common Good (“Partners”) is a national community development finance organization that operates a family of nonprofit companies with a common mission to advance economic justice and racial equity by partnering with and strengthening mission focused to bring capital, create opportunity, and build wealth for low-income people and communities.
Founded in 2000, Partners’ created the CDFI industry’s first wholesale loan participation network that today has partnered with 50+ CDFIs in Washington, DC and 38 states, currently originates $18-20 million in participation transactions annually, and currently has an outstanding portfolio of nearly $50 million. Partners also manages $50 million Economic Justice Partnership Fund (EJPF), an innovative off-balance sheet facility to expand Partners’ product offerings to the CDFI community, participates as a community development entity (CDE) allocating New Markets Tax Credits (NMTC) and provides contract servicing, monitoring, and advisory services for impact-focused external portfolios.
Our work is pioneering in its creation of new tools and infrastructure for community development finance organizations to manage portfolios and grow their scale and impact.
Partners’ office and the position is located in Washington DC.
The Lending and Compliance Associate will assist with servicing and compliance for Partners’ growing lending, New Markets Tax Credits portfolio, and an off balance sheet fund (Economic Justice Partnership Fund). This role will also provide additional support to portfolio management. This position reports to the Director of Portfolio Management and will work closely with both the accounting and lending teams. Partners works on a hybrid schedule (combination in-office and remote).
Job Duties and Responsibilities:
- Input transactions into and maintain loan system (Portfol) and generate monthly portfolio reports
- Input payments for contract servicing client(s)
- Generate monthly invoices and manage payments and disbursements from lending partners and borrowers; advise Director of Portfolio Management of any potential problem areas and propose solutions
- Manage borrower covenant compliance and ensure timely receipt of required financial reporting
- Manage NMTC compliance and quarterly invoicing
- Manage compliance for the off balance sheet EJP Fund. Maintain communication with investors in the fund
- Assist lending team with loan file audits
- Work to further develop and evolve automated systems (currently Salesforce)
- Collaborate with internal staff to ensure timely reporting to investors and stakeholders
- Coordinate with the Impact and Research Manager to collect and analyze data (lending and impact) to contribute to funding applications, reports, and other projects as needed
- Take minutes for board meetings, credit committee meetings, and other committee meetings
- Use the CDFI Fund’s AMIS system to input information for grant applications and required reporting
- Coordinate with the accounting team to identify discrepancies between systems and assist with the annual audit.
- Assist with other portfolio management, compliance, and analytical functions as needed
- Bachelor’s Degree in Business, Finance, Accounting or related field. This position requires one (1) to three (3) years of experience in financial services, accounting, loan servicing, compliance, or reporting with a strong interest in the CDFI Industry. Experience in the CDFI field, banking, or real estate development related to accounting or lending functions is a strong plus.
- Must possess excellent analytical and problem solving skills.
- Must be a self-starter with keen attention to detail.
- Strong organizational skills and ability to multi-task and meet deadlines.
- Must possess strong proficiency in Microsoft Office products in particular Excel. Individual with a bachelor’s degree in accounting, or related field, such as business or finance is highly desired.
- Willingness to work from Partners’ physical office for up to three days each week. This is not a fully remote position.