Position Reports to: Vice President, Financing
Location:
Department: Financing
For over 40 years, Nonprofit Finance Fund has provided these nonprofits and their leaders with capital, consulting, and thought leadership. As a community development finance institution (CDFI), we work with nonprofits, partners, and systems to build racial equity and community wealth and well-being. Our vision is a world of equitable prosperity, where communities of color and other systematically excluded communities have the capital, community assets, knowledge, and agency to thrive. You can learn more about our work to achieve that vision by reading our Strategic Plan for 2024-2026 and our commitment to racial equity.
None of this work would be possible without the incredible people who work here. Our team consists of a diverse group of passionate professionals who care deeply about racial equity and community wealth and well-being. You can read more about what it’s like to work here – and read a few examples of “a day in the life” for NFF staff” – on the careers page of our website.
Thank you for your interest in NFF. We hope you’ll join us.
About the Opportunity:
The Director will have primary responsibility for overseeing Nonprofit Finance Fund’s (NFF) BEACoN NJ Program, which currently aims to raise and deploy $20MM in flexible loan capital, and additional grant funding, to support a portfolio of debt investments that support nonprofits in New Jersey to acquire, develop/rehab, and operate assets that contribute to community wealth and well-being, as envisioned by NFF's larger Building Equitable Assets for Community Nonprofits (BEACoN) strategy. This will include affordable housing and nonprofit community service organizations. Loan products are expected to include acquisition/predevelopment loans with some combination of below market interest rates and credit-enhanced loans with flexible terms that leverage grant funding and concessionary capital sources. The fund is expected to be capitalized for 10 years.
The Director will have day to day responsibility for all aspects of Program management, including but not limited to: marketing, outreach, pipeline development and origination of new loans; ongoing monitoring and portfolio management of the loans; and coordinating the provision of technical assistance to program participants. Given the breadth of this scope and the early stage of this fund and program, the Director will prioritize three key responsibilities in the first 12 months: 1) deployment of capital to meet initial demand in the market and investor requirements, 2) capture ongoing market need and opportunity for continued deployment and 3) collect feedback and impact data for both internal and external purposes.
This position can be based remotely in New Jersey, and/or work from NFF’s New York City office.
What you’ll do:
Deployment
- Develop marketing materials, conduct outreach, and leverage existing and new relationships to generate interest and applications for financing from the Program
- Assess loan requests for mission/program alignment, impact, and credit quality
- Manage and prioritize new pipeline according to market need, borrower timelines, and availability of products, among other factors
- With support from VP, Financing and Chief Credit Officer, propose appropriate loan structures that balance flexibility, risk mitigation, and Program guidelines
- Issue term sheets that reflect NFF's indicative loan terms, covenants, due diligence requirements, and closing/disbursement conditions, tailored for each project as needed
- Identify and confirm the status of supplemental subsidies, tax credits, and other local and state funds needed to complete the project capital stack, as appropriate.
- Conduct borrower due diligence, credit review, project underwriting, and repayment analysis; prepare credit memos and present recommendations to NFF's credit committee(s) for formal approval
- Coordinate with NFF's legal and closing staff to ensure loans are documented and disbursed according to credit approved terms; resolve any pre-closing business or credit questions that arise
Portfolio Management/Loan Monitoring
- Monitor each loan from closing through payoff
- Collect and review quarterly and annual reporting from borrowers to ensure compliance with covenants and identify early signs of credit deterioration or project challenges
- Work directly with borrowers to help resolve challenges, providing assistance where appropriate and coordinating with other staff (legal, loan servicing, construction, credit, etc.) to support borrowers through life cycle of the loan
Program Management
- Accountability for setting, tracking, and meeting overall Program goals
- Serve as both the internal and external point of contact and face of the Program
- Collect borrower and portfolio level data, narratives, Program impact data, etc., to support periodic reporting to investors and funders
- Provide NFF leadership with feedback on successes and challenges in the Program
- Collaborate across NFF departments to share outcomes of the Program that can be used for developing related technical assistance, advocacy, additional capital/fundraising, attracting new partners and clients, and highlighting lessons learned from the Program that may be applied in other communities
- Identify external partners who can help NFF advance this work by connecting us with new clients, community leaders, referral sources, investors, funders, government agencies, etc.
- Attend community events and in-person meetings with community organizations to ensure NFF has a deep understanding and connection to community ownership opportunities and trends in NJ
Who you are:
- You have a minimum of 7-9 years of relevant and/or transferable experience in key areas including but not limited to: commercial and project-based lending, credit analysis, business development, and program management.
- You have relationships and are familiar with the ecosystem of community-based nonprofits in New Jersey, particular those providing social services and affordable housing.
- You have the ability to effectively use a variety of problem-solving/analytical approaches to address challenges
- You are able to coordinate complex activities and prioritize conflicting demands and deadlines
- You have excellent organizational skills and attention to detail
- You have a strong relationship-building approach and understand the importance of collaboration across teams to move the work forward
- You possess excellent verbal and written communication skills and interpersonal skills
- You are committed to continuous improvement and demonstrate a growth mindset
- You are proficient with Microsoft Office applications and loan management systems
- You embody NFF’s mission, core values and commitment to equity
Compensation:
At NFF, we are invested in discussing the depth and breadth of each candidate’s background and experience during the interview process and using that information to determine the best offer while considering internal pay equity. The salary range for this position is $145,000-$150,000. If provided an offer, NFF will determine salary compensation based on relevant skills and years of experience. NFF also takes into consideration internal equity in setting salary bands for each role. NFF provides an attractive benefits package that currently includes up to 18 paid holidays, 3 floating holidays, unlimited vacation time off, health insurance with NFF funded health reimbursement account on medical plan, and employer contributions toward retirement plan. In addition, NFF provides flexibility to work remotely and access to a “work from home” fund, and flexible spending accounts including medical, commuter, and childcare benefits.
Please Note:
Applicants must be authorized to work for any employer in the U.S. We do not currently sponsor for immigration or work permit applications.
All salaries are commensurate with experience and include an attractive benefits package.
Nonprofit Finance Fund is committed to diversity, equity, and inclusion in its workforce. We encourage candidates that will help us live out this commitment to apply.
NFF is an equal opportunity employer and does not discriminate against any applicant or employee because of race, color, religion, sex, sexual orientation, gender identity, national origin, disability, genetic information, age, or military or veteran status in accordance with federal law. In addition, NFF complies with applicable state and local laws governing non-discrimination in employment in every jurisdiction in which it maintains facilities. NFF also provides reasonable accommodation to qualified individuals with disabilities in accordance with applicable laws. If you require assistance and/or accommodation to use our online tools to search and/or apply for jobs, please contact recruitment@nff.org. We would be happy to work with you.
This job posting provides a general list of the essential responsibilities and qualifications required for this position. It does not represent a contract for employment and NFF reserves the right to change the description and/or posting at any time without notice.
When applying, please DO NOT include any of the following information with your job application: Social Security number; driver's license number or state-issued identification card number; financial account number, or credit or debit card number.
