Loan Closing Associate

Job Description

Business Development Corporation of SC (BDC) was established in 1958 by the South Carolina State Legislature to promote business and industry within the state. BDC is a non-bank commercial lending company.

For more than 62 years, Business Development Corporation (BDC) has been financing small businesses in South Carolina, leading to the creation of thousands of new jobs for the citizens of the Palmetto State. Since 1958, BDC and its associate company, Certified Development Corporation (CDC), have approved more than 2,890 loans totaling in excess of $1.73 billion, making them leaders in economic development lending and job creation in South Carolina.

Job Summary

The Loan Closing Department Associate is responsible for packaging and closing Small Business Association (SBA) guaranteed loans. Working under minimal supervision, the candidate will work with customers and Loan Officers, from underwriting through closing, to ensure completeness and accuracy of all information, as well as ensuring compliance with SBA SOP. This associate will also be responsible for various administrative office functions, as well as providing administrative support to senior management.


  • Ensure the accuracy of the loan file, including all packaging documents, satisfaction of credit conditions, and compliance with SBA lending standards
  • Prepare all supporting documentation and closing checklists for documentation needed prior to closing ensuring accuracy.
  • Order third party reports as necessary.
  • Serve as liaison between legal counsel, borrower, SBA, and lender in coordinating receipt and review of required documents to expedite closing process.
  • Determine that all due diligence items as required.
  • Review signed loan document packages to ensure that documents are correctly signed, all outstanding conditions have been resolved, or follow up to obtain missing documentation.
  • Provide accurate, regular updates to borrowers, lenders, and management.
  • Audit loan file to determine that all requirements and guidelines have been met; obtain the appropriate documentation to reflect approval requirements.
  • Prepare Commitment Letters and Term Sheets for loans that have been approved.
  • Distribute credit approval packages to Loan Committee members prior to approval meetings.
  • Review Articles of Incorporation, By-Laws, and Partnership and LLC Agreements.
  • Gather final estimates/budgets for construction projects and leasehold improvements, confirm borrower equity in each project, and monitor construction progress.
  • Prepare and coordinate Closing Figures/Statements against Title HUD/Settlement Statement.
  • Work with various professionals to facilitate document prep and loan closing (title companies, attorneys, environmental agencies, etc.)
  • Disburse loan proceeds and reconcile project cost documentation.
  • Package closed loans to ensure a complete set of documents and supporting information.
  • Assist in the planning of Board Meetings and the annual Stockholders Meeting.
  • Provide backup support for the Accounting department, to include processing payments and receipts.
  • Provide administrative support to senior management, to include correspondence, event planning, and stockholder/member bank notifications.
  • Other duties as assigned.


  • A minimum of 2 years Commercial Loan Closing experience
  • Paralegal experience in preparing and closing commercial loans.
  • SBA commercial loan experience preferred
  • Familiar with SBA approval process, documentation, SBA rules, and regulations.
  • Experience in the specialized lending activities of SBA loan programs
  • Excellent communication skills, both written and verbal.
  • Must have exceptional organizational skills with strong attention to detail and an excellent time manager.
  • Candidates must have the ability to multitask, self-direct, take ownership and provide great customer service in a fast-paced environment.
  • Ability to read, analyze and interpret business financial statements and tax returns
  • Proficient in MS Office, Word, Excel, Access, and Outlook.

Education Requirements:

  • Bachelor's degree or equivalent combination of education/work experience.
  • Degree in finance or accounting is preferred.

Job Location: Columbia, SC

Working hours: Monday-Friday 8:45 a.m.-4:45 p.m.