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Loan Steward

L.A. Co-op Lab • Full-time • Los Angeles, CA, US • $74k / year • 3d ago

TITLE: Loan Steward

LOCATION: Los Angeles, CA - hybrid

SCHEDULE: Full time OR part-time schedule

PAY: $74,000 full time annual salary (or comparable for part time work)

BENEFITS: Health, vision, dental insurance, and 403b plan

About L.A. Co-op Lab:

The purpose of the L.A. Co-op Lab is to reduce inequality and the harmful consequences of rapid gentrification and displacement in L.A. communities by supporting the development of worker cooperatives –– businesses that are democratically owned and controlled by the people that work there.

We invest in groups of people and communities who desire a more democratically owned and governed workplace, particularly those who have been undervalued and pushed to the margins of the economy due to race, origin, economic or immigration status, gender, and age. Access to local cooperative business ownership is one alternative to wage theft, exploitation and the scarcity of important goods and services in our neighborhoods.

We work with communities that have historically been denied access to good jobs, capital, and capacity building that is tailored to their needs. With respect to financing, historical discrimination generates a self-fulfilling prophecy of credit denial based on criteria of collateral, credit history and “character” (i.e. prior arrests, incarceration, evictions, etc.)

To address this problem, L.A. Co-op Lab is a member of Seed Commons, a national financial cooperative that is dedicated to financing worker and community owned businesses as a pathway towards economic and racial justice.

L.A. Co-op Lab accomplishes our purpose through:

Cooperative business development, technical assistance, and coaching tailored to the knowledge and needs of workers
Providing non-extractive financing for worker-owned businesses in LA, via our membership in the national Seed Commons network
Designing and developing curriculum that fills a gap in LA’s community development and economic justice landscape
Hosting public workshops and networking events that strengthen LA’s capacity for co-op development

Responsibilities:

The Loan Steward will primarily serve as a loan officer, technical assistance provider, and coach to cooperative businesses. They will also support our co-op education and network building programs along with the rest of the team in order to develop and grow the sustainability of worker-owned businesses across Los Angeles in accordance with our principles of economic and racial justice. This will consist of:

Lending & Technical Assistance:

Provide technical assistance to existing and incoming cooperative projects that meet our values of radical inclusion. This will include business and financial modeling; pro formas; break-even analysis; assumptions analysis; etc.
Work with cooperatives and Seed Commons Loan Coaches to develop loan applications that set worker-owners up for long-term financial success and sustainability.
Present those loans to our financial cooperative as candidates to receive funding.
After loan approval, provide cooperatives with ongoing support, continued relationship, and monitoring according to an agreed upon plan and performance standards. Support worker-owners to determine why goals were not met, why they were exceeded, and/or strategies to pivot for maximum business sustainability.
Participate actively in Seed Commons virtual trainings and bi-weekly calls.
Keep diligent records in our lending and data systems.

Cooperative Education:

Conduct training and coaching sessions for co-ops and allies on business financials, loan readiness, and our approach to Non-Extractive Lending.
Build upon a foundation of L.A. Co-op Lab educational materials and experience, adapt, improve, and deploy education programs for aspiring and existing worker cooperatives. This may include but is not limited to: our online course library, free office hour consultations, print booklets, and recurring educational events for the community.

Community and Network Building:

Produce education and networking events for the growing community of worker cooperatives and allies in Los Angeles.
Maintain, expand and enhance our relationships with worker cooperatives, economic justice allies, and the broader solidarity economy in Los Angeles.
Some travel required to participate in local, regional, and national cooperative convenings annually

Contribute to our Worker-Self Directed Nonprofit

L.A. Co-op Lab functions with a democratic, non-hierarchical internal structure, meaning that each staff member must be capable of working without supervision and be an excellent communicator. All staff members also participate in shaping the organization’s overall wellbeing, strategy, and sustainability. This will consist of the following:

Effectively manage your own time, stay on top of tasks and goals and develop and follow an annual work plan
Be an active participant in building workplace democracy and invest in relationships of care, autonomy, and accountability among our staff team
Serve as a team leader on one of the following annual projects: staff retreat, board retreat, and annual fundraiser (online or in person)
Contribute to crafting the organization’s strategic plan, annual budget, and grant proposals as needed. Interface with and/or serve on the board of directors.
Be active in record keeping, documentation and maintaining online file organization
Partner with team members on other projects as needed

Qualifications:

Our ideal candidate will have some combination of the following qualifications. We expect to interview candidates that may not possess every qualification and if you are wondering whether you are qualified please submit an application!

Experience in writing business plans, including work on financial documents (e.g., projections, budgets, capital plans), and analyzing business opportunities
Passion, interest, or connection to the cooperative movement - particularly worker-cooperatives, cooperative economics, and democratic management.
Has a clear understanding of economic justice and a commitment to and experience in working with diverse groups of people including BIPOC, immigrant, LGBTQIA+ and working class communities. Connection to community or labor organizing a plus.
Dedication to effective communication and relationship-building. Excellent organizational and interpersonal skills, strong writing and verbal communication abilities, and adaptable and flexible when necessary.
Solution-focused - able to analyze administrative, interpersonal, financial, and technical problems and recommend effective solutions.
Computer proficiency, well-organized, and able to create and maintain appropriate online and physical files, data, and communications systems (i.e. Google Suite, Calendly, Slack, Airtable, and/or other data systems)
Available to participate in all training and network calls of Seed Commons Financial Cooperative, of which L.A. Co-op Lab is a member.
Self-motivated and highly collaborative. You have the ability to work independently and manage multiple projects without supervision and also work closely with team members, cooperatives, and partners.
Comfort with planning and facilitating meetings, workshops, and trainings
Spanish language fluency is preferred. This position requires written and spoken English fluency and an understanding of or excitement to learn Language Justice practice and frameworks.

Location: Los Angeles, California. This is a hybrid position requiring both in person and remote work. We currently hold team meetings in person 1-2x per week and meetings with cooperatives and partners will be both in-person and online.

Compensation:

Our 2025 full-time salary is $74,000. We operate on a flat pay structure where all staff make the same salary or part-time equivalent salary
Health, vision, dental insurance, and 403b with a 5% employer match. Paid time off for vacation, sick time, and all federal holidays
Annual professional development funds, and access to co-working space and/or support with home office expenses
The opportunity to learn more about cooperatives, contribute to LA’s growing solidarity economy, and network with others in similar positions
The opportunity to participate in a growing and democratically organized team

TO APPLY: please submit a cover letter and resume here by January 31, 2025. Applications will be reviewed on a rolling basis, we aim to make a hiring decision by March 2025.

Equal Opportunity Statement:

L.A. Co-op Lab is an equal-opportunity employer. People of color, LGBTQIA+ people, individuals with past involvement in the criminal legal system, or who have loved ones currently or formerly impacted by the criminal legal system are strongly encouraged to apply. We do not require candidates to have a degree and we welcome candidates with nontraditional backgrounds. We are committed to investing in the leadership of people of color.