By Joshua Schuetz
In many communities, revolving loan funds play a pivotal role in the success of new ventures, ranging from small startups to housing projects. As CEDA expands its services to more communities, ensuring that team members understand the intricacies of loan operations becomes crucial to their success.
Mitch Massman, the new Director of Loan Operations at CEDA, is stepping in to address this need. Massman, who was promoted to the position in August, mentioned that he will assist in operating CEDA’s revolving loan fund and guiding new team members through queries about financial analysis and loan underwriting.
“It’s something I’ve worked on before with Ron Zeigler and Chris Giesen,” Massman said. “Part of my role will involve working on loans from our revolving loan fund, while another aspect will be developing training programs for new CEDA staff.”
CEDA’s revolving loan fund offers businesses in contracted CEDA communities the opportunity to secure up to $60,000, provided they demonstrate a need, present a complete business plan, and prove their capacity to repay interest and principal over the loan period.
Massman will also seek funding for programs that can be implemented in CEDA communities. Regarding individual projects in CEDA communities that involve loans, Massman said he can provide feedback and financial analysis to colleagues who lack experience in finance.
“It can be any project—if one of our team members doesn’t know how to underwrite a loan and interpret those numbers, I can come in and assist,” Massman said. “The position isn’t about me personally handling every loan in every CEDA community, but rather about helping new colleagues who lack experience in the field.”
Massman added that, to enhance the financial acumen of team members, training programs will be developed and offered as part of CEDA’s onboarding process.
“Our plan is to develop finance training and conduct them towards the end of the mentorship program. At that point, I’ll work with them using examples of loans I’ve dealt with in the past, making it a hands-on experience,” Massman said. “I’m excited about this position and how it can empower our team members to better serve their communities from a financial standpoint,” Massman concluded.