Job Summary
Manages a portfolio of defaulted business loans, guarantees and technology financings, to protect the Authority’s financial interests and assist businesses return to performing status when possible.
$65,484 - $81,855
Note: The NJEDA currently offers a hybrid work schedule for up to 2 days of telecommute work from home. To participate, you will be required to have high speed home internet access and a managers approval. This program does not supersede the "New Jersey First Act", which requires newly hired NJEDA employees to establish and then maintain, principal residence in the State of New Jersey.
ResponsibilitiesEssential Duties and Responsibilities
Manages a portfolio of at-risk commercial and disaster recovery loans, monitoring receipt of loan payments and company reporting and financial condition, and litigation as needed. Sends official notices and demands as required by product agreements and negotiates payments and forbearances.Conducts site visits, as needed. Administers requests for payment under guarantees to ensure compliance with program requirements and EDA policies. Coordinates with the Attorney General’s office to ensure guarantee payments are made when appropriate. Monitors post-payment collection actions and payments. Develops, recommends and implements resolution strategies to assist businesses to return to performing status where possible. Pursues collection actions when projects fail to perform under restructure objectives. Establishes accurate risk ratings and loan loss reserves for loans and guarantees. Processes loan accounting administration changes such as non-accrual status updates, write-offs. Determines when litigation is necessary and refers matters to the Attorney General for legal action; monitors the litigation and works with counsel to advance the Authority’s interests. Attends Bankruptcy Court and Sheriff’s Sales as necessary. Testifies in court mediation hearings, etc. as required. Works with participating banks to ensure the Authority’s interests are protected by communicating their responsibilities under the Guarantee and Participation Agreements Ensures EDA’s interests are preserved in inter-creditor agreements with venture investors and banks, and with other lien-holders in technology companies. Monitors and protects EDA’s rights and exercises EDA’s warrants. Prepares analyses and approval memoranda for restructured loan proposals, settlements, and compromises, including presentation to senior management, Director’s Loan Review Committee, the Board, according to EDA’s policies and delegated authority. Maintains complete and update to date customer files, including Microsoft office, CRM, Enable and document management systems. Seizes and arranges for the sale of collateral when necessary. Negotiates contracts with auctioneers and security companies. Prepares bid analyses and recommendations for approval by management. Participates and completes projects as requested by management. Promotes teamwork and communication to encourage an interactive, cooperative, collaborative and customer focused work environment among division, EDA staff and external customers. Must complete annual and semiannual self-assessment as required. Performs other duties and special projects, as assigned.
Qualifications
Required Qualifications
Education and Experience Requirements
Bachelor’s Degree (with emphasis in business or finance preferred) and/or equivalent professional experience Minimum five years experience in commercial work-outs Experience with economic development preferred Experience with technology lending, warrants, and intellectual property preferred
Advanced degree or industry specific certification may be substituted for 1 year of experience
Physical Demands
Minimal Ability to work outside of normal business hours, as needed
Travel
As necessary to events, meetings, businesses, etc.
Certificates and Licenses Required
License: Staff are required to possess a driver's license valid in New Jersey only if the operation of a vehicle, rather than employee mobility, is necessary to perform the essentials duties of the position.
Note
The examples of work for this title are for illustrative purposes only. A particular position using this title may not perform all duties listed in this job description. Conversely, all duties performed on the job may not be listed. This job description is intended to convey information essential to understanding the scope, general nature and level of work performed by job holders within this job. This job description is not intended to be an exhaustive list of qualifications, skills, efforts, duties, responsibilities or working conditions associated with the position.
Your employment at NJEDA is voluntary and subject to termination by you or NJEDA at will, with or without cause, or with or without notice, at any time. Nothing in this job description shall be interpreted to conflict, eliminate or modify the employment-at-will status of NJEDA employees.
This position is considered exempt and is excluded from minimum wage, overtime regulations, and other rights and protections afforded nonexempt workers under the FLSA.
NJEDA reserves the right to amend/revise this job description as necessary to meet current and changing business needs.
NJ SAME Program
In accordance with P.L. 2021, c. 465 and P.L. 2021, 466, the SAME program was established to enable New Jersey State agencies to hire, promote, retain, and advance qualified individuals whose physical or mental impairments impact their abilities to participate in the hiring and promotion process for non-competitive and unclassified titles within the State workforce.
The SAME program allows candidates, who identify as having a significant disability, to apply for non-competitive and unclassified positions through a fast track hiring process. This program uses a fast-track process that permits people who are eligible for the program to request that the State appointing authority schedule with them a good faith interview. For more information about the SAME program and the Fast Track Hiring program, please Click Here. If you have any questions, please email, or call the contact as indicated on the job vacancy announcement.
This posting open to eligible applicants regardless of SAME eligibility.
Equal Opportunity Employer
Position Requirements
Foreign degrees/transcripts must be evaluated by a reputable evaluation service at your own expense and must be submitted prior to a start date. If this cannot be provided within 21 days of an offer the offer will be rescinded. Must comply with the “New Jersey First Act” which requires employees hired after September 1, 2011, to reside in New Jersey. Non-New Jersey resident employees must relocate to New Jersey within one year of their date of hire and provide proof of residency to Human Resources. Must complete an Outside Activity Questionnaire (disclosure of outside office or employment) on an annual basis. Must review the required NJ State Ethics Guidelines found on the state website. Apply or Email a Friend Apply for this job onlineApplyShareRefer this job to a friendRefer Sorry the Share function is not working properly at this moment. Please refresh the page and try again later. Share on your newsfeed Interested in this opportunity? Application FAQs
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