Reporting to the Executive Vice President, Small Business, the VP of Small Business Product Management plays a highly visible and cross-functional role leading Small Business Product Management for Opportunity Fund. This role has responsibilities for overall strategic, tactical, and P&L management of our existing small business product line (working capital loans and equipment finance loans) down to the contribution margin level. As Opportunity Fund expands its offerings to small businesses, the incumbent will also lead the organization in deriving new product constructs, determining potential partnerships to enable the delivery, developing the requirements for technical builds and overseeing the execution of each new product launch
P&L management of OF’s Small Business products and services to the contribution-margin level:
Development of ambitious, yet achievable, strategic and annual operating plans for all products offered to Small Business owners;
Development & Ownership of product unit economics;
Development of appropriate volume growth targets and alignment of these targets across the enterprise with the various groups accountable for achieving them (Sales; Credit/Risk; Operations; Partnerships/Online; Marketing;)
Work closely with Finance and Small Business Leadership to establish contribution margin goals by loan product to align with Opportunity Fund’s sustainability and fundraising goals;
Develop credit product features and non-credit products and services that positively impact Small Businesses.
Product and Pricing Strategy:
Define product strategy for each of our small business products;
Specify market requirements for current and future product initiatives, informed by market insights drawn from customer portfolio analysis and research; competitive analysis; compliance and risk management requirements; and other relevant sources;
Ensure appropriate product/market fit for all our credit products;
Develop, coordinate, drive execution of effective product enhancement roadmaps;
Develop appropriate business cases for any new product initiatives;
Develop expertise about loan loss reserve programs, how they can impact product feasibility.
Stay abreast of market trends and landscape to ensure Opportunity Fund’s products are keeping up with customer and market needs
Develop products that support the evolution of Opportunity Fund’s business model.
Evangelize and cultivate credibility behind Opportunity Fund’s mission and innovation
Set product pricing to achieve an appropriate balance between mission and sustainability outcomes for all customer segments that we serve.
In conjunction with Credit/Risk, translate the overall product pricing strategy into a loan pricing framework that considers the interplay between origination fees, interest rate, term and payment amount, and loan size relative to credit risk.
Work closely with Finance to ensure pricing matches with capital strategy and execution
For new product offerings, set pricing frameworks by considering mission, sustainability and competitive landscape for similar offerings
Promotion (Marketing) and Placement (Distribution) Partner:
In close coordination with Sales and Marketing support effective strategies and tactics to promote OF’s small business products to the target market (direct sales to SBs; business to business (community partners; dealers; capital providers; mobile food truck manufacturers; partnerships; digital; etc.) and set appropriate levels of partner compensation.
Working closely with Sales, coordinate effective distribution and “go to market” strategies and tactics for OF’s small business products across a variety of channels including digital, phone and others
Identify and evaluate potential partnerships where OF’s products can deliver the desired impact and unit economics
End-to-end ownership of customer experience and success for OF’s credit products:
Customer portfolio growth – define and coordinate the execution of strategies to grow our customer base;
Customer impact – participate in team(s) to help define and ensure implementation of impact KPI’s to measure and enhance the impact of our credit products on customer outcomes at a portfolio level;
Customer retention – define and coordinate the execution of strategies and tactics to improve customer retention rates;
Measurement: Develop and monitor appropriate financial, customer, and partner KPI’s to track the performance of the products at a portfolio level
Drive conversion through the application funnel and customer lifecycle;
Work closely across the functions to develop and define the channel and product conversion KPI and goals
Manage and report on conversion KPI and goals
End-to-end business ownership and process stewardship of our small business products as they flow through the enterprise:
Work with all constituents to ensure that our products can effectively be delivered to the market across the business system – Sales, Marketing, Credit/Risk, Operations, Finance, IT. Lead the efforts on business requirements and user acceptance testing that are critical to assuring successful implementation of new product ideas and/or product enhancements
Perks & Benefits
Our mission is what motivates us to come to work each day. We know that happy employee are productive employees, which is why we offer a comprehensive benefits package that includes:
Competitive salary commensurate with experience.
An environment that values work-life balance.
100% company funded Medical, Dental, Vision, Life & Disability coverage for employees. Family coverage is also available.
Flexible spending accounts.
Tax-deferred & Roth 403(b) retirement plan with employer contribution.
Paid vacation (increase with tenure), holiday, sick and family leave days.
Diverse candidates are encouraged to apply. AOF / OF is an Equal Opportunity Employer. www.opportunityfund.org
Highly qualified candidates will share Opportunity Fund’s commitment to its mission and will embody the organization’s core values bringing a broad range of skills and experience including (and not limited to:)
Bachelor’s degree required; MBA a plus
Minimum of 10+ years of experience in a professional career in fintech, consumer banking, with at least 5 years in high volume Small Business lending. A combination of education and experience may be considered
Expertise in business operations, financial product management and interpreting business intelligence reports and analyses to drive improved business outcomes
Experience creating and delivering presentations to senior-level audiences including Board of Directors and Executive Leadership Teams
An innovative approach to problem-solving and solutions/product design
Capacity to design solutions balancing the customer need, the technological capabilities, the need for efficiency and compliance/regulatory requirements
Effective collaboration with key stakeholders, including Sales, Credit/Risk, Operations, Marketing, Finance, and Analytics
Smooth collaboration with IT/Engineering teams to execute on his/her vision; Working knowledge of core lending/credit technology capabilities is required to determine the feasibility of “what” to develop, but allow the technical areas to determine the “how”
Demonstrated effective leadership of financial services product management teams
Portfolio of demonstrated success introducing and launching new lending products and services
About Accion Opportunity Fund
In March 2020, Opportunity Fund, the country’s leading nonprofit small business lender, and the Accion U.S. Network, the U.S. affiliate of global nonprofit Accion that has led a nationwide network of community lenders since 2011, combined efforts to form Accion Opportunity Fund/Opportunity Fund.
The nation’s 30 million small business owners often lack access to affordable credit from responsible lenders offering attractive loans and services. Industry estimates suggest that there is an $87 billion annual market gap in loans less than $100,000 for Main Street entrepreneurs. Addressing this gap can ensure that small business owners can sustain their enterprises; drive job creation; and stimulate regional economies through increased wages, spending and tax revenue.
Leveraging the strengths of both organizations, Accion Opportunity Fund will spearhead the development of a national microlending strategy to meet the credit needs of small businesses – developing new products, establishing new partnerships, promoting research and financial education, and leveraging digital technologies and data analytics to support mission-driven lending.
Opportunity Fund rema...ins as an independent Community Development Financial Institution (CDFI) focused on expanding its lending and advisory services in California and other markets in the US.
“Collaboration and partnership are key ingredients to better serving our customers. Opportunity Fund and Accion share a common vision for an inclusive, healthy financial system that supports the nation’s small business owners. By coming together, we can accomplish what may have seemed impossible to some. This is the first national effort that can transform the small business lending and advising sectors and, with it, the lives of families running small businesses across the country. We are thrilled that building the future of American small business credit and advising services brings our two organizations together.”
- Luz Urrutia, CEO of Opportunity Fund and the newly-formed Accion Opportunity Fund.
“Small businesses are the driving force behind America’s economy and around the world, but too often lack the capital and support they need to grow and succeed. For decades, Accion has worked alongside entrepreneurs, business leaders, lenders, and policymakers in the United States to address this need. We are confident that combining our operations in the U.S. with Opportunity Fund is the right next step to scale these efforts and help more American entrepreneurs build a better future.”
- Michael Schlein. President and CEO of Accion.