Chief Credit Officer
Reporting to the COO, the Chief Credit Officer is an essential member of the Founders First Capital Partners (FFCP) Credit department. The Chief Credit Officer mobilizes capital markets across various diverse funding offerings, and facilitates lending for our clients by assessing creditworthiness.
The goal of the FFCP Credit Department is to build a strong platform for continued growth and expansion, utilizing underwriting practices and incorporating technology and other processes that can improve the ability of lenders to provide loans to FFCP prospective borrowers. Leading our lending function, the Chief Credit Officer’s primary responsibility is to drive adoption and scale our lending products.
About Us: Founders First Capital Partners, Inc (“FFCP”) provides funding and business growth advisory support to diverse founder led small businesses. We provide revenue-based funding and business acceleration support to service-based small businesses located outside of major capital markets such as Silicon Valley and New York City. We focus on supporting businesses led by women, people of color, and military veterans, inclusive teams, and businesses located in low to moderate-income areas.
Salary: $140,000 to $175,000, plus bonus, stock options and benefits
Location: San Diego, CA. In Office Tuesday to Thursday; remote option Mondays and Fridays
Oversight and management of loan processing, inclusive of underwriting
Clearly defining and evolving the FFCP credit requirements, based on standards, borrower needs and changes to market conditions and trends
Builds out processes, and develops a team to enhance underwriting capabilities, with future automation and scaling in mind
Processing, Analyzing and Underwriting Loans
The Chief Credit Officer takes the lead on opportunities generated by the Investment Team members, managing some opportunities individually, while assigning and supervising other deals to the underwriting team.
The processing, analyzing and underwriting loans of loans consists of the following activities:
Financial analysis and review for all initially qualified opportunities
Review of relevant diligence materials (including pitch decks, customer references, Linked In referrals, company product and service offerings)
Conducts diligence calls with prospective borrowers
Evaluates key strengths, risks, and mitigating factors
Prepares and presents analysis of the potential borrower historical performance and future expectations for the FFCP Credit Committee
Prepares internal memorandum of findings/recommendations for review by Investment Committee
Performs tasks necessary to close the transaction, including final due diligence and preparation of key legal documents
Maintains and updates borrower data and deal status in Salesforce.com, and online underwriting and servicing platforms
Leverages technology platform (Codat) for pulling financial data, ensuring internal and borrower adoption throughout the entire loan lifecycle
Managing a Team of Underwriting Associates
The Chief Credit Officer will manage a team (2-3) of Underwriting associates. In this position you will be a player/coach, as you will also be handling some transactions directly.
Oversee and review all relevant diligence materials (including unaudited financial statements, pitch decks, customer references, LinkedIn referrals, company product and service offerings)
Deep dive and resolution to diligence questions raised by internal stakeholders
Evaluate borrower key strengths, risks, and mitigating factors
Participate on diligence calls with the prospective borrowers, as necessary
Oversee the preparation and presentation of potential borrowers to Credit Committee
Review internal funding memorandum for approval by Investment Committee
Perform tasks necessary to the close the transaction, including negotiating and signing off on key legal documents and pricing materials
Lead monthly servicing meetings for existing borrowers covered by your team
Management of underperforming companies, including overseeing ongoing performance issues and reporting on remedial actions
Proactive management for follow on opportunities
Development of credit model, including Requirements, Risk Ratings/Criteria
Analysis of current borrower performance to determine key trends, areas of weakness in the current underwriting standards, missing or extraneous data to the underwriting process
Reporting requirements of the monitoring system for both the portfolio and the individual borrower
Development of alerts and other indicators for watchlist and downgrades
Information reporting to Underwriters, Servicers and Investors
Define the data and sources for such data that can more easily automate the process
Develop a tool that could be white-labeled for sale to any other lending entity
Develop and implement streamlined processes for negotiations and acceptable legal deviations
Integration of legal documents with SF, Monitoring and Servicing
Establish new hire procedures and onboarding techniques and requirements
Establish monthly and quarterly processes for updates and team performance reporting
Qualifications Needed for Success
Bachelor’s Degree in Accounting, Business Administration, Finance or Economics or equivalent experience required
Master’s degree and completion of certified credit underwriting program,
from bank or prominent industry organization, preferred
10+ years’ experience in loan operations, portfolio management, commercial and/or small business finance, commercial credit policies, practices and lending operations. Including experience presenting
6+ years’ experience in developing, improving and implementing a diverse range of loan products for small businesses.
3+ years’ experience in loan operations and portfolio management of lending impact lending or community development borrower profiles.
3+ years’ experience development, managing and recruiting credit and underwriting teams.
2+ years’ experience working in an early stage, high growth fin tech or financial services company, preferred.
Impact Lending and/or Capital/Lending Experience, preferred
CAIA Certification, preferred
Excellent written and verbal communication skills
Demonstrated ability to build strong relationships across functional area
Critical thinker, detail oriented and motivated professional
Ability to work with big data sets and adept at leveraging technology options to efficiently support the needs of the business
Comprehensive understanding of banking systems and products
Strong experience with establishing corporate short to mid-term operational plans
This position requires extensive decision making and problem-solving techniques for all finance related issues
Familiarity with Codat and/or API automation tools for pulling financial data
Stock option plan
Health Savings Account
Paid time off
COVID Policy: All employees must be fully vaccinated per company policy.
Our Commitment to DEI: At Founders First, our mission is to solve racial and social economic equity gaps that prevent businesses led by diverse founders from growing profits, premium wage jobs and wealth creation in their communities. This means we continually celebrate the diverse community and are proud to be an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, gender, gender identity or expression, sexual orientation, national origin, genetics, disability, age, or veteran status.
Diverse candidates are encouraged to apply!
For more information please see: www.FoundersFirstCapitalPartners.com