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Overview

Job Summary

EDA Overview

Join the NJEDA and help lead New Jersey to sustainable economic growth, fostering equitable opportunities and vibrant communities. We offer hybrid work, a supportive culture, and robust benefits, including health insurance, retirement plans, and extensive wellness programs. Make a tangible impact and shape New Jersey's future with innovative economic development at NJEDA.

Job Overview

Responsible for the analysis of applications requesting financial assistance under the NJEDA’s loan, conduit bond, and tax incentive programs.

$65,484 - $81,855

Note: The NJEDA currently offers a hybrid work schedule for up to 2 days of telecommute work from home. To participate, you will be required to have high speed home internet access and a managers approval. This program does not supersede the "New Jersey First Act", which requires newly hired NJEDA employees to establish and then maintain, principal residence in the State of New Jersey.

Responsibilities

Duties

Daily Tasks and Responsibilities:

+ Reviews applications for completeness, evaluates loan requests and determines how to best structure the loan/guarantee if not determined in advance. Follows up with applicant, lending partner, or business banking officer for additional information. May conduct site visits with applicants to discuss projects.

+ Interviews applicants regarding business, financial/operational matters, and personal financial information. Negotiates collateral or loan conditions when appropriate.

+ Prepares loan underwriting including financial statements, business and personal cash flow analysis, collateral analysis and the strengths, weaknesses, and mitigants of each loan to be approved, analysis of public policy considerations, and compliance with internal program policies.

+ Prepares financial reviews in support of the EDA’s tax incentive programs. Presents written analyses at internal committees and provides support at EDA Board.

Projects:

+ Provides insight and recommendations in respect to loan structure, risk identification and mitigation. Provides advice on loan risk mitigation to internal and when appropriate external partners.

+ Represents the Underwriting department when appropriate at external meetings with lending partners.

Collaboration and Cross-Divisional Interaction:

+ Reviews draft commitment letters prepared by Closing Services to ensure consistency with credit approval. Responds to applicant questions/challenges, handles modifications and obtains approval for the same when applicable.

+ Monitors outstanding loan commitments to ensure projects proceed and loans are closed in a timely basis.

+ Collaborates with Closing Services to ensure applicant’s compliance with conditions contained in commitment letters are met prior to loan closing. Approves closing memorandum and recommends approval to Managing Director and Closing Services.

+ Provides training and mentorship to less experienced underwriting officers.

Goals and Objectives:

+ Success of this role will be measured based on the quality of analyses presented to Managing Director for review and approval. High quality analyses are clear and concise, articulate all material strengths, weaknesses, and mitigants, and require minimal revisions and corrections.

+ Success is measured by the continued development of the officer and overall success in meeting department policies and procedures per quality control reviews.

Reporting Structure:

+ This position reports to Managing Director, Underwriting.

Qualifications

Skills and Qualifications

Technical Skills:

+ Knowledge in Commercial Credit including:

+ Understanding of GAAP, income, balance sheet and cash flow statements, personal net worth statements, and tax returns

+ Ability to understand loan documentation, appraisals and environmental reports

+ Knowledge of sound commercial lending and underwriting principles, industry standards and regulatory compliance

+ Ability to evaluate and interpret market and feasibility studies

+ Ability to understand and interpret real estate appraisals

Soft Skills:

+ Must possess a solution-oriented mindset to allow creative thinking

+ Demonstrates a leadership and ownership mindset

+ Ability to understand loan approval procedures, closing and disbursement processes

+ Demonstrates interpersonal and negotiation skills when dealing with external business professionals and NJEDA staff

+ Ability to communicate effectively both verbally and in writing; proficient in grammar, spelling and editing; and foster communications with business professionals and EDA staff

+ Ability to prioritize workload, must be highly organized, detail-oriented, handle various tasks simultaneously and work independently within limited time constraints with minimal supervision

+ Must be able to maintain confidentiality and deal effectively and diplomatically with business professionals and EDA staff

+ 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

+ Analytical skills with a keen focus on details and audit trails

Experience:

+ Minimum five years commercial banking and real estate lending experience including client relationship management

+ Advanced degree or industry specific certification may be substituted for 1 year of experience

Education:

+ Bachelor’s Degree with emphasis in business, planning, project management, public administration, finance, or closely related field and/or equivalent professional experience

+ Formal credit training preferred

Software/Tools Proficiency:

+ Proficient in Microsoft Office Suite, Moody’s Financial Analyst skills, CRM, Lexis Nexus, and the ability to learn new software packages

Additional Information

+ Must complete annual self-assessment as required.

+ Performs other duties and special projects, as assigned.

+ Minimal physical demands and ability to work out normal business hours

+ Travel expected when necessary for business operations

Certificates and Licenses Required

+ Staff are required to possess a driver's license valid in New Jersey only if the operation of a vehicle, rather than employee mobility, is necessary to perform the essentials duties of the position.

Note

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.

NJ SAME Program

In accordance with P.L. 2021, c. 465 and P.L. 2021, 466, the SAME program was established to enable New Jersey State agencies to hire, promote, retain, and advance qualified individuals whose physical or mental impairments impact their abilities to participate in the hiring and promotion process for non-competitive and unclassified titles within the State workforce.

The SAME program allows candidates, who identify as having a significant disability, to apply for non-competitive and unclassified positions through a fast track hiring process. This program uses a fast-track process that permits people who are eligible for the program to request that the State appointing authority schedule with them a good faith interview. For more information about the SAME program and the Fast Track Hiring program, please Click Here (https://www.nj.gov/csc/same/overview/index.shtml) . If you have any questions, please email, or call the contact as indicated on the job vacancy announcement.

This posting open to eligible applicants regardless of SAME eligibility.

Equal Opportunity Employer

Position Requirements

+ Foreign degrees/transcripts must be evaluated by a reputable evaluation service at your own expense and must be submitted prior to a start date. If this cannot be provided within 21 days of an offer the offer will be rescinded.

+ 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.

+ Must review the required NJ State Ethics Guidelines found on the state website.

+ Selected candidates must be authorized to work in the United States per the Department of Homeland Security, United States Citizenship and Immigration Services regulations. Note: The State of New Jersey does not provide sponsorship for citizenship to the United States.

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LocationUS-NJ

Job ID 2025-2191

Category/Department Underwriting