A commercial loan officer works for a bank or other financial lending institution, providing information and support for businesses seeking loans.
Commercial loan officers locate businesses and firms that may be interested in or are in need of additional funding. Commercial loan officers then assist prospective clients through the application process.
For large projects, a commercial banker may work with several banks or investors to come up with a workable financial solution. Because sales is an important component of the commercial loan officer’s work, excellent communication skills are vital.
Commercial loan officers usually must have a bachelor’s degree in economics, finance, or a related subject. Since they work closely with businesses, commercial loan officers should also have a strong understanding of cash flow analysis and business accounting as well as how to analyze and evaluate financial statements.
Prior experience in the banking and lending fields or in sales is also a plus; a background check is likely. There are currently no regulations that require that a commercial loan officer be licensed, although specialized training or certification can boost an aspiring commercial loan officer’s prospects.
The Bureau of Labor Statistics reports that in 2008 loan officers made median yearly wages of $54,700; the middle half percent earned between $39,710 and $76,860. Some loan officers also earn extra through commissions.
The U.S. Department of Labor predicts “about as fast as average” employment growth for loan officers. Increases in population and economic activities will help expand the number of available positions, but automated lending systems will counter that to some extent.
*Source: U.S. Bureau of Labor Statistics