Partners for the Common Good (PCG), a Washington, DC based community development loan fund, is seeking a Lending and Compliance Associate.
Founded in 2000, PCG’s mission is to advance economic justice and opportunity for low-income people and communities. We do this by partnering with CDFIs and socially motivated investors across the United States to serve borrowers that promote affordable housing, neighborhood revitalization, and healthy communities through support of education, community health centers, human service providers, day care and others.
PCG founded the CDFI industry’s first wholesale loan participation network that today has partnered with 50+ CDFIs in Washington, DC and 37 states, originates $18-20 million in participation transactions annually, and currently has an outstanding portfolio of $38 million. In 2021 PCG is launching a $50 million Economic Justice Partnership Fund (EJPF), an innovative off-balance sheet facility to expand PCG’s product offerings to the CDFI community.
PCG also participates as a community development entity (CDE) allocating New Markets Tax Credits (NMTC). PCG received $85 million in NMTC allocations and to date has closed ten (10) transactions for a total of $72 million in allocations. PCG also provides contract servicing and monitoring for two external portfolios.
PCG is leading the CDFI industry into the digital sector with its groundbreaking CapNexus platform (CapNexus.org. CapNexus matches community development finance opportunities with sources of capital. The platform has 800+ users and has posted over $1 billion community development transactions.
PCG is also a leader in social impact assessment and public policy advocacy. Our work is pioneering in its creation of new tools and infrastructure for community development finance organizations to manage portfolios and grow scale and impact.
PCG’s office is located in Washington DC.
The Lending and Compliance Associate is an entry-level position with responsibilities in the lending and compliance areas of Partners for the Common Good. The incumbent will manage the servicing and compliance for PCG’s growing lending and New Markets Tax Credits portfolio, and will 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 of PCG. This position is full-time.
Job Duties and Responsibilities
· Input transactions into and maintain loan system (Portfol), manage system updates, and generate monthly portfolio reports
· 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
· Contribute to loan production goals by assisting with loan closings and maintaining closing checklists and loan files
· Assist lending team with loan file audits
· Work to further develop and evolve PCG’s automated systems (currently Salesforce)
· Collaborate with internal staff to ensure timely reporting to investors and stakeholders
· Collect and analyze data (lending and impact) to contribute to funding applications, reports, and other projects as needed
· Schedule credit committee meetings and take minutes
· Assist with other portfolio management, compliance, and analytical functions as needed
The Lending and Compliance Associate position is perfect for a recent college graduate or professional with less than three (3) years of experience in either accounting, loan servicing, compliance, or reporting and is interested in enhancing these skills within the CDFI Industry. The position requires a responsible individual that is a self-starter, problem solver, and has keen attention to detail. The Lending and Compliance Associate must have strong organizational skills and the ability to multi-task and meet deadlines. Computer literacy in Microsoft Office environment (particularly Excel) is required. Individual with a bachelor’s degree in accounting, or related field, such as business or finance is highly desired. Experience in the CDFI field, banking, or real estate development related to accounting or lending functions is a plus.
PCG acknowledges and honors the fundamental value and dignity of all individuals. Our community strives to create and maintain a working environment that respects diverse traditions, heritages, and experiences. We are an equal opportunity employer and will consider all applications without regards to race, sex, age, color, religion, national origin, veteran status, disability, sexual orientation, gender identity, genetic information or any characteristic protected by law.
PCG is adhering to CDC, state, and local orders with regard to COVID-19. During summer 2021, staff will gradually transition from remote work to in-person in our physical offices. We are closely monitoring the recommendations of health officials to protect the health and well-being of all staff. Applicants are strongly encouraged to be in the DC, MD, or VA area to be able to work in-office.
Competitive salary, excellent benefits and a pleasant, challenging work environment. PCG is an equal opportunity employer.
To apply please fill out the webform below.