at Arkansas Government Job in Little Rock, Arkansas, United States
Job Description
ACOM AEDC BUSINESS FINANCE DIRECTOR
Date: May 4, 2023
Req ID: 27800
Location:
Little Rock, AR, US, 72202
Category: AR ECONOMIC DEVELOPMENT COMM
Anticipated Starting Salary: $96,960
Position Summary
The AEDC Business Finance Director will function as the Business Finance Director. The Director of Business Finance is responsible for managing the lending and equity support programs of AEDC by managing division staff, performing the financial analysis of projects, and presenting recommendations for approval to the Arkansas Economic Development Commission or the Executive Management of AEDC.
Education and Professional Work Experience
Minimum Qualifications
The formal education equivalent of a bachelor’s degree in business, accounting, finance, economics or a related field; plus nine years of progressively more responsible experience in economic development finance or a related field, including five years in a professional managerial capacity.
Knowledge, Skills, and Abilities
Knowledge of general credit granting guidelines and practices.
Knowledge of basic accounting principles.
Knowledge of bankruptcy and collection laws.
Knowledge of state industrial revenue regulations and requirements.
Ability to analyze complicated business financial statements.
Ability to make safe and sound investment decisions.
Ability to prepare written reports.
Ability to supervise a subordinate professional and administrative support staff.
Preferred Qualifications
CPA
Job Responsibilities and Expected Results
1. Provide guidance and counsel to department staff to assist with projects and professional development.
2. Maintain a strong relationship with AEDC commissioners by making regular reports on the current portfolio of companies with guaranteed bonds; making regular reports on the bond guaranty reserve account levels; recommending projects for approval; working with professionals to ensure that bond issues are closed in accordance with the requirements of the Commission approval.
3. Manage the bond guaranty portfolio investments to attain maximum return while maintaining the safety of the principal by working closely with an investment professional that understands the goals of the investments; using a ladder maturity strategy to insure that reinvesting in instruments with better returns is available and to ensure that we will have the necessary liquidity to make required debt service payments if they are necessary.
4. Ensure the quality of the CDBG and Bond Guaranty Loan Portfolios by establishing and maintaining a credit rating system to keep apprised of each borrower’s current fiscal condition; providing direction and advice to loan officers and workout attorneys on strategy to deal with substandard borrowers; doing periodic physical inspections of collateral securing current portfolios; doing periodic physical inspections of collateral securing current portfolios.
5. Actively manage the performance of Companies that receive benefits from the Governor’s Quick Action Closing Fund, required repayment of advanced funds when those companies underperform, and repayment is warranted and enter into amended agreements with companies when alternative performance terms are agreed upon.
6. Meet with local economic development officials on current projects and determine a proper financing structure for a project; speak to civic groups about the programs offered by AEDC; attend meetings with other non-traditional lenders and sit on boards to help direct the activities of those groups.
7. Supervise and provide guidance to the Incentives Coordinator under various cost and benefit assumptions provided to the Business Development Division.
8. Perform other duties as assigned.
Key Business Processes/Duties
1. Manage Business Finance personnel.
2. Review, present and recommend credit requests for approval by the Arkansas Economic Development Commission
3. Manage the investments of the Bond Guaranty Reserve Account
4. Manage the CDBG and Bond Guaranty loan portfolios and the Quick Action Closing Fund portfolio
5. Manage the review process of requests made under the Equity Investment Tax Credit Program
6. Maintain relationships and work in partnership with other economic development personnel organizations.
Position Information
Class Code: N061N
Grade: GS15
FLSA Status: EXEMPT
Salary Range: $96,960.00 – $140,592.00
Summary
The Arkansas Economic Development Commission (AEDC) Business Finance Director is responsible for managing the lending function of the Arkansas Economic Development Commission by reviewing the analysis of projects completed by business finance staff and presenting and recommending projects for approval to the agency or executive management. This position is governed by state and federal laws and agency policy.
Functions
Maintains the relationship with the Arkansas Economic Development Commission by
reviewing, presenting and recommending credit requests for approval by the Commission,
makes regular reports on the current portfolio of companies with guaranteed bonds, makes
regular reports on the bond guaranty reserve account levels; recommending projects for
approval, works with professionals to insure that bond issues are closed in accordance
with the requirements of the Commission approval.
Manages the investments of the Bond Guaranty Reserve Account to attain maximum return
while maintaining the safety of the principal by working closely with an investment
professional that understands the goals of the investments.
Maintains relationships and working in partnership with other economic development
organizations.
Manages the Community Development Block Grant and Bond Guaranty loan portfolios to
insure the quality by establishing and maintaining a credit rating system to keep apprised of
each borrower�¢����s current fiscal condition.
Manages the daily operations and budget functions of the Business Finance Division.
Performs other duties as assigned.
Dimensions
Knowledge, Skills and Abilities
Knowledge of general credit granting guidelines and practices.
Knowledge of basic accounting principles.
Knowledge of bankruptcy and collection laws.
Knowledge of state industrial revenue regulations and requirements.
Ability to analyze complicated business financial statements.
Ability to make safe and sound investment decisions.
Ability to prepare written reports.
Ability to supervise a subordinate professional and administrative support staff.
Minimum Qualifications
The formal education equivalent of a bachelor’s degree in business, accounting, finance, economics or a related field; plus nine years of progressively more responsible experience in economic development finance or a related field, including five years in a professional managerial capacity.
Licenses
Nearest Major Market: Little Rock
