Loan Operations Manager

at Department of Commerce and Economic Opportunity in Springfield, Illinois, United States

Job Description

Position Overview

The Illinois Department of Commerce and Economic Opportunity (DCEO) is seeking to hire a Loan Operations Manager to support Illinois’ loan programs including those funded through the State Small Business Credit Initiative (SSBCI) program. The Office of Entrepreneurship, Innovation & Technology (OEIT) supports entrepreneurs through a variety of programs providing access to capital for small businesses. This position will be responsible for supporting the administration and operations of DCEO’s Advantage Illinois Participation Loan and Loan Guarantee Programs. This role will help provide low-cost capital loans to eligible businesses in Illinois to support businesses as they establish and grow, create and retain jobs, and spur economic development. We invite qualified applicants to apply for the position of Loan Operations Manager to help provide equitable and fair access to capital to businesses in Illinois.

1. Serves as Loan Operations Manager for the Advantage Illinois Participation Loan Program (PLP) and Loan Guarantee Program (LGP) and successor programs.


2. Serves as Working Supervisor.


3. Assists in the preparation and administration of loan enrollments and loan payments/ funding following the policy and procedures under the Office of Entrepreneurship, Innovation and Technology, Small Business Financial Assistance Division.


4. Evaluates the eligibility of credit proposals submitted to the Department.


5. Assists in the monitoring and obtaining loan repayment information and ensuring compliance with contract terms from lenders, loan recipients and their owners, managers, and guarantors.


6. Assists in recommending policy and procedures for loans to senior staff within Entrepreneurship, Innovation and Technology to improve the operation(s) of the Program.


7. Provides technical assistance to and maintain professional working relationships with various governmental and community-based organizations, financial service institutions, the business community and other department units.


8. Prepares and makes presentations explaining the concepts and mechanics of the Advantage Illinois PLP and LGP to lending institutions, chambers of commerce, senior staff, and other groups.


9. Performs other duties as required or assigned which are reasonably within the scope of the duties.

1. Requires knowledge, skill and mental development equivalent to completion of four (4) years of college.


2. Requires three (3) years of progressively responsible administrative experience in a public or business organization.

In addition to the years of experience noted above:

1. Requires at least two (2) years of professional experience with reviewing promissory notes and/ or loan closing documents.


2. Requires at least two (2) years of professional experience with loan application reviews.


3. Requires at least two (2) years of professional experience within the past ten (10) years performing financial, administrative, or operational tasks associated with a participation loan program or a loan guarantee program.

1. Prefer at least two (2) years of professional experience with reviewing promissory notes and/ or loan closing documents.


2. Prefer at least two (2) years of professional experience with loan application reviews.


3. Prefer at least two (2) years of professional experience within the past ten (10) years performing financial, administrative, or operational tasks associated with a participation loan program or a loan guarantee program.


4. Prefer two (2) years previous experience within the past 10 years managing loans, preparing underwriting documentation and engaging with financial institutions.


5. Prefer two (2) years of experience in grant/loan administration.


6. Prefer two (2) years of experience in the eGrants system.


7. Prefer two (2) years of experience in the Grantee Reporting System (GRS).


8. Prefer one (1)  or more years of experience preparing written and oral reports.


9. Prefer one (1) year of descriptive data analysis experience, can include managing reports and aggregating information to improve programs.


10. Prefer four (4) years of college with concentration in one or more of the following fields: accounting, finance, business, statistics, mathematics, econometrics, or economics.

1. Requires completion of a background check and self-disclosure of criminal history.


2. Requires appropriate, valid driver’s license.


3. Requires the ability to travel in the performance of duties, with overnight stays as appropriate.

The conditions of employment listed here are incorporated and related to any of the job duties as listed in the job description.

The mission of the Illinois Department of Commerce and Economic Opportunity (DCEO) is to create equitable economic opportunities across the State of Illinois. By attracting and supporting major job creators, investing in communities, strengthening Illinois’ world-class workforce, fostering innovation, and ushering in the new clean energy economy, DCEO works to fortify Illinois’ reputation as a global economic powerhouse while ensuring Illinois is the best state to live, work and do business.