- San Francisco
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At REDF, we’re building an economy that works. For everyone.
We discover and back social entrepreneurs across the United States that employ people striving to overcome employment barriers like homelessness or incarceration.
These mission-driven businesses, called employment social enterprises, exist because they see untapped talent in their communities for the strengths they hold, not the barriers they’ve faced.
That’s why REDF invests in their businesses, so we can help push their impact further, faster. We pair our grantmaking with capacity-building support, create space for employment social enterprise leaders to learn together, and sponsor state and federal policies that help shift perspectives. Because we believe that our economy works best when it works for everyone.
REDF Impact Investing Fund (RIIF) is a CDFI that provides loan capital and technical assistance to non-profit and for-profit employment social enterprises (ESEs). Our formula is simple: with flexible capital and curated capacity building services, social enterprises can get the resources and learning community they need to catalyze their next stage of growth – and create more jobs for overlooked talent throughout our country – in the process. Our fund seeks to improve the financial sustainability of these enterprises, particularly those led by people of color and people with lived experience. As of 2022, RIIF is a certified Community Development Financial Institution (CDFI).
Reporting to the Director of Impact Lending, the Underwriting Consultant will be responsible for underwriting loans to ESEs: revenue-generating, for-profit or non-profit companies. You will be doing rigorous financial, operational and organizational analysis in both qualitative and quantitative formats, and synthesizing findings into preview and full credit memos to an internal audience.
You will structure and underwrite new loan opportunities using deep financial and operational performance analysis and evaluation of borrower creditworthiness, business risk, and project readiness. You will actively lead and manage the borrower experience from prospecting through to loan closing. This role will involve a high level of engagement with RIIF borrowers, with a strong customer service focus. You will work directly with social entrepreneurs, many of whom are people of color, and/or individuals with lived experience of barriers to employment and to accessing credit. You will balance our equity-centered approach on facilitating access to credit, while maintaining vital credit risk standards.
•Prepare preview memos and full credit memos to be presented to RIIF’s internal credit committee.
•Spread financials and provide analysis in order to assess underlying enterprise sustainability, viability of business model, and capacity for new debt. Focus on the “why” behind the #s and identify areas that need clarification/further explanation from borrower.
•Analyze P&Ls to assess drivers of earned revenue, test assumptions behind cash flow projections, and build appropriate deal specific sensitizations and scenarios that stress test debt service capacity.
•Construct narrative on borrower background, employment program, history, and plans for growth. Perform analysis of historical operational and financial performance.
•Perform thorough business risk assessment, using both organizational and environmental factors. Identify potential mitigants. Assess likelihood of primary/secondary repayment sources.
•Use risk rating system matrix to assign a risk rating which takes into account quantitative and qualitative metrics. Propose and institute “de-risking actions” in collaboration with borrowers.
•Prepare due diligence questions for borrower throughout underwriting.
•Conduct vetting calls and any other external diligence needed for each transaction.
•Conduct comprehensive industry and benchmarking analysis in collaboration with REDF Learning & Evidence team, if applicable.
•Make appropriate loan structuring and approval recommendations.
•Flag and raise issues of concern during underwriting and propose potential solutions as it may relate to risk mitigation, working closely with Director of Impact Lending as vital.
•Maintain thorough and organized client documents and underwriting due diligence checklists.
•Identify potential technical assistance projects that may mitigate repayment risk during the life of the loan.
•Work with borrowers to ensure understanding of all reporting requirements and covenants.
•Maintain Salesforce loan opportunity record throughout the originations process.
•Work with Director of Impact Lending on loan closings, as assigned.
•Minimum 5 years of underwriting experience with small businesses and/or non-profits.
•Familiarity with working capital term loans, lines of credit, and bridge loan products.
•Knowledge of or experience in the Community Development Financial Institutions (CDFI) industry.
•Knowledge of job training and job creation programs employing untapped talent preferred.
•Demonstrated experience in structuring and negotiating transactions and balancing the needs of mission driven organizations with sound underwriting judgment and risk mitigation.
•Strong financial analysis skills: ability to spread and interpret non-profit and for-profit financial statements and calculate key ratios; develop and sensitize cash flow projections to determine debt service coverage and assess ability to repay debt.
•Proven track record to prepare clear, accurate well-organized memos that synthesize and communicate the story behind the data. Ability to fuse quantitative and qualitative information to drive decision-making and risk assessment.
•Excellent judgement, ability to efficiently incorporate feedback, ability to work with minimal direct supervision in a fast-paced environment, and a track record of meeting project deadlines.
•Proven track record of developing and managing excellent borrower relationships, particularly with POC and lived experience-led borrowers.
•Ability to build and maintain systems for organizing work to manage several priorities and meet deadlines while also meeting customer needs. Exceptional detail-orientation.
•Knowledge of and strong interest in REDF’s commitment to diversity, equity and inclusion, and bringing a DEI lens into the loan underwriting and credit risk assessment process.
•Strong Microsoft Suite skills, especially with Excel. Experience with Salesforce preferred.
Every team member at REDF has an impact, with the ability to influence and iterate on our strategy. We balance autonomy with collaboration, leading with learning, and innovation with expertise. We listen, ask questions, and challenge the status quo and each other to uncover solutions that move us all to a better tomorrow.
REDF is proud to be an equal opportunity employer. Our different experiences, backgrounds, and stories are our strength. We know that an equitable, inclusive, and diverse workplace makes us more effective, innovative, and agile. We welcome and will consider qualified applicants for employment without regard to race, color, religion, sex, sexual orientation, gender perception or identity, national origin, age, marital status, protected veteran status, disability status, or arrest and conviction history. EEO is the Law. REDF welcomes all.
Hourly range: $125-175
Estimated hours: Up to 80/month; approx. 3-month long consultancy