Mission Economic Development Agency (MEDA) - Building on its 47-year history, MEDA is advancing innovative approaches to asset development. Its efforts are focused on serving low-income, Spanish-speaking San Franciscans. Our direct service programs serve 7,500 individuals each year through homeownership counseling and foreclosure intervention, business development, digital literacy, workforce development, financial education and free tax preparation. We also devote resources to research and evaluation, community organizing and advocacy. In the process, MEDA is helping to develop best practices in the field.
In 2015 MEDA launched a Community Development Financial Institution (CDFI) – Fondo Adelante – to provide loans throughout the San Francisco Bay Area to Latino-owned small businesses that are currently underserved by traditional and non-traditional lenders alike. Fondo Adelante’s initial micro and small business loan products provide loans of up to $100,000 to qualifying business owners. The CDFI has also launched several emergency loan programs to respond to COVID-19’s impact on Bay Area small businesses and is currently in the process of deploying more than $10 million in no-interest or low-interest loans. Fondo Adelante recently integrated its lending team with MEDA’s Business Development Program to better facilitate pre- and post-loan closing technical assistance (offered in both English and Spanish) for small business borrowers. With this integration of business capital and business coaching support, MEDA is meeting the needs of low-income, Latino-owned businesses to support asset-building through business growth and job creation in the San Francisco Bay Area.
MEDA is seeking a qualified Loan Servicing Specialist that will manage the loan servicing activities for Fondo Adelante’s growing small business portfolio. Qualified candidates will have demonstrated the ability to service small business loans, including managing collections and loan workouts. Fondo Adelante’s target market includes a wide spectrum of businesses, ranging from small, informal cash-based businesses with no formal credit and limited documentation to businesses with more than $1,000,000 in sales and 20+ employees.
This position reports to the Director of Fondo Adelante and works closely with the loan origination team to maintain portfolio quality. Fondo Adelante’s portfolio has grown rapidly through its emergency lending in response to COVID-19. So this is an exciting opportunity to join an ambitious, high-impact community lender and help strengthen its infrastructure at a critical inflection point in its growth.
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