Philadelphia Industrial Development Corporation (PIDC) is Philadelphia's public-private economic development corporation. Our mission is to spur investment, support business growth, and foster developments that create jobs, revitalize neighborhoods, and drive growth to every corner of Philadelphia. You can learn more about PIDC at pidcphila.com.
PIDC is committed to driving transformative growth for Philadelphians with a human-centered approach by directing our financial and real estate services, knowledge, and networks toward creating a vibrant and sustainable Philadelphia. To achieve this mission, PIDC focuses on five areas:
CAPACITY: Create and sustain internal capacity and external partnerships to scale the availability and breadth of economic development resources and solutions.
CAPITAL ACCESS AND SERVICES: Expand financing and business support services to benefit under-resourced communities and marginalized populations.
LAND USE: Catalyze development of projects that create quality jobs, advance equity, and promote sustainability.
KNOWLEDGE AND NETWORKS: Share knowledge and networks to respond to clients, partners, and market needs.
EMPLOYEE WELL-BEING: Elevate the physical, mental, and financial well-being of PIDC employees and provide opportunity for each to thrive and grow professionally.
PIDC is governed by a thirty-member Board of Directors, appointed by the Mayor of Philadelphia and the President of the Greater Philadelphia Chamber of Commerce. The staff includes approximately 60 full-time employees, and PIDC's current 12-member senior leadership team has a combined 150+ years of experience at PIDC. The organization's annual budget of approximately $12M is funded by a combination from fees generated by PIDC's transaction activities, service and management contracts, and contributed revenue.
Over the past 65+ years, PIDC has settled over 13,300 transactions with a diverse range of clients - including more than $19.5 billion of financing and 3,400 acres of land sales - which have leveraged tens of billions of dollars in total investment and assisted in retaining and creating hundreds of thousands of jobs in Philadelphia. For more information, please visit: pidcphila.com.
POSITION RESPONSIBILITIES - Specific responsibilities include, but are not limited to, the following:
As a Loan Processing Coordinator at PIDC, specializing in small business, real estate, and New Markets Tax Credit (NMTC) transactions, you will play a vital role in ensuring the efficient and compliant administration of our loan portfolio. The Loan Processing Coordinator will be expected to support the Lending team on a variety of complex and creative funding sources, including but not limited to HUD 108, CDBG, PIDA, NMTC, SSBCI, EB-5, and Tax Increment Financing (TIF). The Loan Processing Coordinator will be involved in the entire life of the loan process, from the inquiry stage to application, underwriting, credit approval, loan closing, and post-closing compliance. Specific tasks include, but are not limited to:
Manage application intake and pre-screening process and prepare file for underwriting.
Assist Lending team members with underwriting - including coordinating completion of client application packets and fee collection, entering information into Salesforce or other CRM/Loan servicing system, pulling credit reports/background checks, spreading and analyzing financial statements, gathering market and industry research, ordering 3rd party appraisals and environmental assessments, paying vendor invoices, and other due diligence requests.
Request and confirm funding sources for each loan in underwriting from accounting.
Prepare all required compliance and loan approval documentation per internal policies and funding source regulations. This includes cultivating a close partnership with the City of Philadelphia, PA CDFI Network, and other investment and lending partners.
Manage creation and maintenance of due diligence checklists for various loan products and funding sources.
Record and prepare minutes for Loan Committee meetings. Prepare redacted versions for individual loan files.
Complete ad hoc projects as needed to ensure timely and compliant loan closings.
Manage and update template documents for various loan products and funding sources, including client application forms, term sheets, commitment letters, closing and compliance documents, and reporting forms.
Manage filing of electronic and physical files according to internal policies.
Document approved updates to Lending team's policies, processes & procedures.
Assist the Lending team with reporting and tracking compliance deadlines.
Manage scheduling of various Lending team meetings and all compliance-related meetings.
Proactively induce partners and borrowers to deliver timely information and documentation.
Maintain client confidentiality and a professional demeanor.
Collaborate with internal stakeholders, including business development officers, loan officers, and portfolio managers, to ensure the integrity and quality of the loan portfolio.
PIDC loan programs are complex and are not commonly used. PIDC would not expect the applicant to have direct experience with any loan program. The Loan Processing Coordinator will be trained on the specific compliance requirements of the loan programs.
QUALIFICATIONS AND EXPERIENCE:
The Loan Processing Coordinator must be able to perform a high volume of work involving coordination of multiple PIDC departments, clients, and government staff, typically performed in a deadline-driven environment. This effort requires the highest degree of professionalism under pressure including excellent oral and written communication skills, and quantitative, software, and organizational abilities. Specific qualifications include:
Bachelor's degree or 3 to 5 years of equivalent work experience in loan administration, servicing, or portfolio management, preferably within a CDFI or financial institution.
Demonstrated relevant experience in compliance, law, finance, small business technical assistance, or community real estate development.
Strong knowledge of small business lending, real estate finance, and federal loan program requirements, with a demonstrated experience in loan administration and compliance.
Effective communication and interpersonal skills, with a customer service-oriented approach to working with internal and external stakeholders.
Proficiency in loan servicing software, Microsoft Office Suite, and data entry.
Strong organizational skills and ability to take ownership of assignments.
Detail-oriented mindset, with a commitment to accuracy, compliance, and continuous improvement.
Strong problem-solving skills involving many variables in sometimes difficult and time-sensitive situations.
Flexible, self-motivated, and team-oriented.
Must be a resident of the city of Philadelphia or willing to relocate within six (6) months of hire.