Senior Loan Associate | Net Impact

Senior Loan Associate


Location: San Francisco or Los Angeles preferred; Remote arrangements considered.

About REDF Impact Investing Fund
The REDF Impact Investing Fund (RIIF) is a 501(c)(3) debt fund that provides loan capital and technical assistance to non-profit and for-profit social enterprises (SEs). RIIF is administered by REDF, a venture philanthropy organization that invests exclusively in the growth and effectiveness of SEs―double bottom-line businesses dedicated to helping people who otherwise would be shut out of the workforce, get jobs, keep jobs, and build a better life. Since 1997, REDF has provided funding and specialized advisory services to over 200 SEs in 30 states, employing over 42,000 people.

In response to demand from SE partners, REDF launched its Impact Lending practice in 2017 to accelerate the growth of the field. In 2019, RIIF was formed to provide financing for employment-focused social enterprises and businesses that employ and support individuals facing employment barriers such as experiences of homelessness, incarceration, addiction and mental health issues, youth disconnected from school and work, and survivors of intimate partner violence and human trafficking. RIIF helps improve borrower financial sustainability and strengthen business operations to employ and empower more individuals striving to chart a new course in life. With a current loan portfolio of over $1.95 million generating hundreds of employment opportunities, RIIF is demonstrating a model for how flexible loan terms, combined with technical assistance, can build the creditworthiness of SEs and attract additional capital to fuel their growth.

Position Description
Under the direct supervision of the Director of Impact Lending, you will be responsible for supporting the loan originations function, with the primary responsibility being loan underwriting. You will evaluate and underwrite new loan opportunities using deep financial, programmatic and operational performance analysis and evaluation of borrower creditworthiness, business risk, and project readiness. In this position, you are a vital component of the Impact Lending team and will help innovate around the creation and refinement of tools, templates, and procedures to make the loan underwriting process more efficient and scalable as we grow.

Loan Underwriting

  • Manage the loan underwriting function including all aspects of borrower due diligence. Draft the loan preview memos and full underwriting memos.
  • Spread borrower financials and provide historical analysis of strengths and weaknesses in order to assess capacity for new debt. Focus on the “why” behind the #s and identify areas that need clarification and further explanation from borrower.
  • Analyze budgets, test assumptions behind cash flow projections, and create appropriate deal-specific sensitizations and scenarios that stress test debt service capacity.
  • Perform analysis of borrower operations, programs, management, and evaluate historical and projected social impact.
  • Perform thorough risk assessment, using both organizational and environmental factors. Identify potential risks/mitigants. Assess likelihood of repayment sources.
  • Proactively flag risks, raise issues and propose possible solutions.
  • Prepare due diligence questions for borrowers and, if relevant, lender partners, throughout underwriting. Incorporate responses and track additional follow up as needed.
  • Make appropriate loan structuring and approval recommendations in collaboration with Director of Impact Lending.
  • Maintain thorough and organized client documents and underwriting due diligence checklists.


  • Collaborate and assist with other teams at REDF, including finance & accounting, marketing & communications, IT, and the growth portfolio (grantmaking) team to participate in joint problem solving, information sharing, and developing standard methodologies.
  • Refine and iterate on existing underwriting tools, templates, and procedures. Create new tools as needed.
  • Attend appropriate network and industry conferences and other skill building and/or customer relationship-enhancing activities.
  • Deliver all services with a strong customer focus.
  • Perform other projects as assigned.

Essential Qualifications

  • Strong financial analysis skills: ability to spread and interpret non-profit and for-profit financial statements; develop and sensitize cash flow projections to determine debt service coverage.
  • Demonstrated ability to prepare clear, accurate well-organized memos that synthesize and communicate the story behind the data.
  • Prior experience supporting loan underwriting for non-profits and/or small businesses.
  • 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.
  • 4-6 years relevant work experience in small business finance, community development finance, or impact lending.
  • Mature judgment, professionalism, flexibility, and ability to work with minimal supervision in a fast-paced department; enthusiasm for building new programs.
  • Strong communication and interpersonal skills, including diplomacy, tact and patience.
  • Ability to build and maintain systems for organizing work to manage several priorities and meet deadlines while also meeting customers’ needs.
  • Exceptional detail-orientation.
  • Well-versed in Microsoft Office Suite; in particular Excel.
  • Experience with a CRM platform, preferably Salesforce.
  • Able to travel up to 15% for work purposes (once business travel resumes)

Desired qualifications

  • Experience with job training and job creation programs employing disadvantaged people.
  • Knowledge of Community Development Financial Institution (CDFIs).
  • Formal credit training.

The Rewards

  • Ability to help craft REDF’s next 20 years of impact
  • Work with passionate, dedicated people
  • Apply your passion for social change in your career while using business as a force for good
  • Operate with a high degree of autonomy in a fast-paced, dynamic environment
  • 13 paid holidays and ample vacation time
  • A generous dollar-for-dollar retirement plan match of up to 4% of your base compensation
  • Opportunity to learn continuously by building your skills and broadening your perspectives at conferences, workshops, and more
  • Competitive, comprehensive benefits package

Join Us!
Please submit your resume and cover letter via REDF’s applicant portal. A personalized cover letter is required; applications without one will not be considered.

REDF is an equal opportunity employer and is committed to a policy of equal treatment and opportunity in every aspect of its relations with staff members and prospective employees, and will not discriminate against applicants for employment because of race, creed, color, national origin, age, disability, marital status, sex, or sexual orientation. REDF encourages employment applications from people who are representative of the culturally and ethnically diverse communities REDF serves. Pursuant to the San Francisco Fair Chance Ordinance, REDF will consider for employment qualified applicants with arrest and conviction records.