Product Officer - Business Banking

Job Summary   

EDA Overview 

• Join the NJEDA and help lead New Jersey to sustainable economic growth, fostering equitable opportunities and vibrant communities. We offer hybrid work, a supportive culture, and robust benefits, including health insurance, retirement plans, and extensive wellness programs. Make a tangible impact and shape New Jersey's future with innovative economic development at NJEDA. 

Job Overview  

• The Business Banking Product Officer will serve as a subject matter expert on business banking products, processes, and procedures, supporting the administration of various programs, including loan participations, loan guarantees, direct financing, loans and grants to lenders and other department small business funding initiatives. This role will assist in ensuring the smooth implementation of financing products and program initiatives that align with departmental and market demands, playing a critical part in promoting economic growth for New Jersey’s micro to mid-size business community. 

• The candidate will be responsible for effective program administration and operational support, working closely with internal and external stakeholders to enhance business sales strategies and best practices. This includes identifying opportunities through outbound, inbound, and web lead generation, loan and grant processing, and other initiatives to improve product efficiency. 

• By leveraging proficiency in business banking lending and grant programs, the Business Banking Product Officer will contribute to the Authority’s goal of driving equitable access to capital and financial resources for businesses across the state.  

$65,484 - $81,855

Duties  

Daily Tasks and Responsibilities: 

• Conduct high volume inbound, outbound, and web-based lead generation to promote department programs, assess client needs and enhance program productivity. Address inquiries from the public regarding available resources, making referrals as appropriate. Process high volume, detailed loan and grant applications for small businesses, Community Development Financial Institutions, Minority Depository Institutions, Economic Development Corporations, and other financial institutions. Support the administering of department products to include application intake, processing, organizing CRM records, and offering support to applicants.  

• Demonstrate excellent customer service and input client information into the system on a continual basis and in accordance with the Division’s business rules. Collaborate with the Business Banking team to manage relationships with key industry stakeholders, which may include representing the Authority at industry events, meetings, and presentations as needed. 

• Efficiently present loan and grant applications, as well as the referral pipeline, during regular team meetings. Assist with program reporting and ensure effective follow-through on operational processes to maintain compliance with new and existing programs, coordinating across EDA departments as needed. Perform all duties in a timely manner, upholding the highest standards of ethics and professionalism. 

Projects: 

• Performs other duties or special projects, as assigned. 

Goals and Objectives: 

• Build an active and robust pipeline through targeted marketing and effective outreach initiatives, primarily via high-volume outbound, inbound, and web-based lead generation, to generate regular loan and grant applications in alignment with departmental targets. Assess client needs and refer them to internal and external partners as appropriate. Proactively maintain outreach and direct support to applicants to ensure the highest quality customer service. 

• Process a high volume of detailed loan and grant applications for small businesses, Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Economic Development Corporations (EDCs), and other financial institutions, ensuring service levels and departmental targets are met. Ensure all submitted documentation is comprehensive and complete before forwarding applications to the approval division. Monitor the progress of each transaction from intake through approval and closing. 

• Support staff with business community and stakeholder engagement as needed. Assist in increasing engagement with CDFIs, MDIs, and EDCs through partner referrals, program marketing, and outreach efforts. 

Collaboration and Cross-Divisional Interaction: 

• Works closely with various external and internal partners including Underwriting, Closing Services and Post-Closing Financial Services, as well as with all Product Owners during file review. 

• Must be able to maintain confidentiality and deal effectively and diplomatically with business professionals and EDA staff. 

• Promotes teamwork and communication to encourage an interactive, cooperative, collaborative, and customer focused work environment among division, NJEDA staff and external customers. 

• Must have the ability to function with and within municipal, state, and federal programs and to participate on various interagency teams on behalf of the NJEDA. 

Reporting Structure: 

• Reports to the Director, Business Banking, but may also be mentored by and assigned tasks by the Program Manager, Business Banking. 

• Must complete annual self-assessment as required. 

• Performs other duties and special projects, as assigned.

Skills and Qualifications  

Technical Skills: 

• Proficient in prioritizing work, managing competing priorities, administering multiple high-volume products with attention to detail, and maintaining organizational skills to handle various tasks simultaneously under minimal supervision and time constraints. Ability to adapt to changes in work environment and multi-task between selling products and processing applications. 

• Strong analytical skills with the ability to assess client financial needs, financial statements (income, balance sheet, cash flow, personal net worth statements, and tax returns) and calculate debt services. Knowledge of sound lending and underwriting principles, adhering to detailed standard operating procedures and program administration guidelines. 

• Effective communication skills (verbal and written), with the ability to communicate with all levels of business professionals and EDA staff and engage in presentations as needed. Skilled at fostering relationships and providing clear, professional communication across various audiences. 

Soft Skills: 

• Ability to follow through on projects and initiatives with minimal supervision, and consistently deliver high-quality results with strong performance. Demonstrates a commitment to collaborative problem-solving. 

• Self-motivated with the ability to self-lead work planning and execution with a results-oriented approach. Easily adapts to changes in the work environment and effectively manages competing demands. 

• Strong relationship management skills, with the ability to interface effectively with a broad range of audiences, including government officials, business, industry partners, and individual customers or applicants. Proven ability to maintain a strong pipeline of activity and ensure a steady stream of product applications. 

Certifications: 

• Certification in commercial credit and or business relationship management desired but required. 

Experience: 

• Certification in commercial credit and or business relationship management desired but required. 

• Five+ years of experience in customer-facing selling role of a financial product or service, program administration and/or program development and implementation roles. 

• Experience in working with credit reports, loan underwriters, reviewing documents related to a loan, financial reports, and ability to perform various analysis like debt service coverage ratios.  

• Experience in a fast-paced, high pressure, goal driven professional services environment that emphasizes teamwork, problem solving, and effective communication. 

• Must be experience in Excel and Microsoft Dynamics  

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

Education: 

• Bachelor’s degree in accounting, finance, or business administration and/or equivalent professional experience. 

Software/Tools Proficiency: 

• NJEDA utilizes Microsoft as the core application platform and proficiency in the Microsoft Office Suite is preferred.  

• Ability to learn new software packages 

Additional Information 

• Minimal physical demands and ability to work out normal business hours 

• Travel expected when necessary for business operations 

Certificates and Licenses Required 

• 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. 

• 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. 

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