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The REDF Impact Investing Fund (RIIF) is a 501(c)(3) debt fund that provides loan capital and technical assistance to social enterprises and businesses that employ and support people experiencing barriers to employment. RIIF is administered by REDF, a venture philanthropy organization that invests exclusively in the growth and effectiveness of double bottom-line businesses dedicated to helping people who otherwise would be shut out of the workforce, get jobs, keep jobs, and build a better life.
REDF launched its Impact Lending Practice in 2017 to accelerate the growth of the field. In 2019, RIIF was formed to provide financing for employment-focused social enterprises and businesses that employ individuals experiencing barriers such as homelessness, incarceration, addiction and mental health issues, and disconnected youth. With a current loan portfolio of over $1 million and generating hundreds of employment opportunities, RIIF is demonstrating a model for how flexible loan terms combined with technical assistance can attract new sources of capital to social enterprises.
Position Description – Impact Lending, Loan Officer
Under the supervision of the Director of Impact Lending, you will be responsible for supporting loan origination, portfolio management, and technical assistance for the Impact Lending team. You will evaluate and underwrite new loan opportunities using deep financial, programmatic and operational performance analysis and evaluation of borrower creditworthiness, business risk, and project readiness. You will support the Director of Impact Lending with portfolio management by reviewing and analyzing borrower financial and social impact reporting, and other standard portfolio management duties. You will help scope and deliver technical assistance to borrowers.
Loan Underwriting & Analysis
• Underwrite loan opportunities and lead all aspects of borrower due diligence. Provide analysis support for preview memos; own full underwriting memos.
• Spread borrower financials and provide historical analysis of borrowers’ financial strengths and weaknesses in order to assess capacity for new debt. Focus on the “why” behind the #s.
• Perform due diligence analyses of borrower operations, programs, management, and evaluate historical and projected social impact.
• Analyze budgets, test assumptions behind cash flow projections, produce robust financial models, create deal-specific sensitizations and scenarios, and stress test debt service capacity.
• Perform a “global” credit and risk assessment, using both company and environmental factors. Identify potential risks/mitigants. Assess likelihood of repayment sources.
• Conduct borrower interviews and site visits.
• Prepare follow up due diligence questions for borrowers and, if relevant, lender partners, throughout underwriting. Incorporate responses and track additional follow up needed.
• Compare liquidity, profitability, and credit histories of organization being evaluated with similar organizations within industry environment to determine risk relative to sector.
• Maintain thorough and organized underwriting files for loans in process.
Portfolio Management & Advisory Services
• Manage existing portfolio of loans, including timely and ongoing review of financial statements and other reporting, monitoring of covenant compliance and processing modification requests.
• Proactively work with borrowers to ensure that reporting is current and maintain loan files in audit-ready condition to ensure accuracy and completeness.
• Assist Director of Impact Lending in preparing timely and effective reporting and analyses on portfolio and individual loan performance to RIIF’s Board, Executive Team, and stakeholders.
• Complete annual credit reviews including analyzing annual financial, operational and programmatic data, risk rating change recommendations, reviewing loans for covenant compliance, and performing site visits.
• Scope technical assistance projects for borrowers, based on identified needs (feasibility, market analyses, business planning, etc). Deliver TA or coordinate external TA providers.
• Collaborate and assist with other teams at REDF, including finance & accounting, marketing & communications, and grantmaking programs to share information and develop best practices.
• Attend network and industry conferences and other customer relationship-enhancing activities.
• Deliver all services with a strong customer focus.
• Perform other projects as assigned.