Compliance Officer

Job Summary

Manages compliance monitoring activities and borrower/grantee document report processing in business loan and grant portfolios according to program requirements and EDA policies

$58,080-$72,600

Essential Duties and Responsibilities

• Evaluates, reviews and processes disbursement requests on various grant programs.
• Monitors loan payment delinquencies and works with customers to collect payments as needed, as well as to resolve administrative payment issues.
• Tracks required reporting and compliance monitoring for business loans and grants, including but not limited to employment reporting, financial statement collection and other reports in CRM.  Follows up as appropriate including sending notices, default letters, and working with customers to cure deficiencies when possible.  Creates compliance exception records in CRM, independently manages follow up and working with assigned officer or manager toward resolutions. Prepares periodic reporting etc. as requested.
• Evaluates and approves forgiveness of eligible products when appropriate according to program criteria of the Micro Business loan portfolio, including verifying continued operation/existence and [completing the product end process.]
• Handles loan registrations for the CDFI loan loss guarantee program.  Evaluates requests for payment against program requirements and works with the product Servicing Officers and/or SLM officers to process guarantee pay outs as needed.
• Completes new product reviews
• Co-ordinates documentation of loan modification requests, including loan maturity renewals, subordinations, consent to additional debt etc. Ensures loan documentation is amended accurately and promptly.
• Identifies deteriorating credits, sends default letters, involves Special Loan Management officers and processing product transfers to Special Loan Management promptly as needed.

• Maintains complete and up to date customer/project files, in EDA’s document management systems
• Promotes teamwork and communication to encourage and 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 or special projects, as assigned.

Skills and Abilities

• Ability to read, understand and interpret loan/guarantee documents.
• Ability to communicate effectively both verbally and in writing; proficient in grammar, spelling and editing; and foster effective communications with business professionals and EDA staff
• Ability to prioritize workload, must be highly organized, detail-oriented, handle various tasks simultaneously and work independently within limited time constraints with little or no supervision
• Collaboration with team members
• Must be able to maintain confidentiality and deal effectively and diplomatically with business professionals and EDA staff
• Demonstrates respectful behavior and promotes teamwork and communication to encourage an interactive, cooperative, collaborative and customer focused work environment among division, EDA staff and external customers
• NJEDA utilizes Microsoft as the core application platform and proficiency in the Microsoft Office Suite is preferred

Preferred Qualifications

Education and Experience Requirements

• Bachelor’s Degree in Business, Accounting, Economic Development or related field and/or equivalent professional experience
• Two to five years’ job-related work experience

Advanced degree or industry specific certification may be substituted for 1 year of experience

Physical Demands

• Minimal
• Ability to work outside normal business hours, as needed

Travel

• As necessary to events, meetings, businesses, etc.

Certificates and Licenses Required

• License: Staff are required to possess a valid 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.

Authorization to Work: Selected candidates must be authorized to work in the United States per the Department of Homeland Security, United States Citizenship and Immigration Services regulations. Note: The State of New Jersey does not provide sponsorship for citizenship to the United States.

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.