Loan Closing & Compliance Specialist

ECDI is a nonprofit organization, dedicated to serving underserved and underbanked small business owners. Our goal is to assure that every entrepreneur – regardless of where they came from, where they live, their gender or their race – has access to funding and the business mentoring services they need to succeed.

 

We're based in Columbus, with offices in Cleveland, Cincinnati, Akron, Portsmouth, Toledo, and Dayton. For small business clients in Ohio, Kentucky and Indiana, we serve a one-stop resource center.

 

• 20-minute call with recruiter

• 60-minute video call with panel interview

• Job offer

 

 

Reporting to the Vice President of Lending Strategy the Loan Closing & Compliance Specialist is responsible for managing the end-to-end process of closing business loans. They will ensure loan documentation accuracy, and compliance with internal policies and regulatory requirements (including SBA guidelines), and coordinate with internal teams, external partners, and clients to finalize loan disbursements. The Loan Closing & Compliance Specialist plays a critical role in delivering a seamless client experience while safeguarding the organization’s operational and regulatory integrity.

 

This position is a hybrid role required to work part of the time in the office, according to business needs and manager direction.

 

 

 

• Review approved loan packages for completeness, accuracy, and compliance with credit policies, lending guidelines, and regulatory standards.

• Review loan approval packages for completeness and compliance with SBA Microloan Program requirements and organizational policies.

• Collaborate with Relationship Managers, Processors, Underwriters, and Clients to ensure all pre-closing conditions are met and that post closing conditions are understood.

• Ensure pre-closing conditions, such as equity injection verification, borrower training documentation, and financial eligibility checks, are met prior to scheduling closings.

• Coordinate with third-party vendors, such as title companies, attorneys, and appraisers, to finalize closing logistics.

• Provide borrowers with clear instructions and support to facilitate the closing process.

• Conduct funding and allocation processes, ensuring funds are allocated according to program guidelines.

• Prepare and verify loan closing documents, ensuring alignment with loan approvals, legal standards, and lending partner's standards.

• Enter closed loans into SBA systems (e.g., MPERS) and internal loan management systems.

• Collaborate with the Treasury team in the funding and disbursement process, ensuring timely delivery of funds.

 

• Act as a liaison between Relationship Managers, Clients, Processors, Underwriters, and other internal departments to facilitate smooth communication throughout the loan closing process.

• Provide exceptional customer service by addressing client questions and concerns during the closing phase.

• Document your progress in Salesforce while working closely with the credit, legal, and compliance teams to address any outstanding issues prior to closing.

• Assist with borrower follow-up post-closing to ensure proper documentation is maintained for loan servicing.

• Provide support for Processors during high volume periods to manage workflow. 

 

• Identify opportunities to streamline the closing process and improve efficiency.

• Support internal and external audits by providing requested documentation and clarifications.

 

• Verify all required documents, including promissory notes, guarantees, security agreements, and UCC filings, are properly executed and filed.

• Maintain a tracking system for outstanding items i.e. Salesforce. 

• Ensure adherence to federal, state, and organizational compliance requirements, including anti-money laundering (AML) and know-your-customer (KYC) policies, and other funding policies.

• Maintain accurate records of closed loans in internal systems and ensure all files are properly stored and accessible for audits.

• Conduct quality control reviews of closed loans to identify and resolve any discrepancies.

• Maintain knowledge of SBA policies and updates, including SOPs related to Microloan programs.

• Maintain accurate client files, documents, and profiles for necessary paper files and in appropriate tracking systems.

• Maintain a thorough working knowledge of and adhere to all ECDI policies and procedures.

• Participate in meetings and provide feedback for improvement for the department. 

• Perform other related activities, as required, to ensure department and organizational success.

 

 

To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skills, and/or abilities required. 

 

• Proficient in loan origination systems and software; familiarity with banking platforms (e.g., Down Home Loan, Salesforce) is a plus.

• Strong knowledge of business loan structures, credit policies, and compliance requirements (e.g., SBA loans, and UCC filings).

• Knowledge of loan documentation, business lending practices, banking compliance, risk mitigation strategies, and regulatory requirements.

• Knowledge of legal documentation for secured loans, such as real estate and equipment financing.

• Computer Skills - Experience with and knowledge of computer operation; knowledge of Microsoft Office Suite (Word, Excel, PowerPoint, Outlook, etc.). 

• Proficient understanding of database or CRM systems, is required.

 

• High school diploma required; associate’s degree in Finance, Accounting, or Business preferred

• 3 years of experience in commercial or business banking loan closing or a similar role.

• Managerial experience, a plus.

• Experience in Small Business Administration (SBA) loan closing, including SBA 7(a) and Microloan Programs

• Prior customer service experience, is required. 

 

• Occasional after-hours and travel required

 

• Hybrid work model with a minimum of three (3) days in-office and remaining days working remotely. Additional in-office requirements based on business needs.

• Must have access to transportation in order to travel to and from the office and to meet with clients.

• Typically, the employee must be able to remain in a stationary position 50% or more of the time. The person in this position will occasionally move about inside the office to access file cabinets, office machinery, etc., and operate a computer and other office productivity machinery such as a copy machine and computer printer. 

• Positions self to move items up to 15 pounds, such as printer paper boxes across the office as needed. 

• Must avoid risks found in the typical office setting, which is adequately lighted, heated, and ventilated, e.g., safe use of office equipment, avoiding trips and falls, observing fire regulations, etc. 

• Requests for reasonable accommodation will be considered.

 

 

ECDI offers a holistic benefits package that reflects how much we value our employees. Benefits include: 

 

• Healthcare (including qualified dependents)

• Health Reimbursement Arrangement (HRA)

• Dental Coverage

• Vision Coverage

• Pet Benefits

• Life Insurance, STD, LTD

• 401(k) Plan

• Educational assistance program

• A generous time off package

• Take your Birthday off - It's paid!

• Hybrid Environment (during business hours)

 

 

 

All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, or national origin. We are committed to attracting and retaining diverse talent while providing learning and professional advancement opportunities for our employees. We strive to advance our mission and bring equitable opportunity to all those we serve and employ.

 

The Economic and Community Development Institute is an Affirmative Action Employer and members of underrepresented communities and demographics are particularly encouraged to apply, including women, people of color, LGBTQ, and people with disabilities.