A Funding Specialist is a professional pivotal in securing financial resources for various projects and initiatives. In a landscape where securing funding is often complex and competitive, Funding Specialists play a crucial role in identifying opportunities, crafting compelling proposals, and building relationships with donors. In this blog post, we will delve into the primary responsibilities and the most in-demand hard and soft skills of funding specialists.

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Main Responsibilities of a Funding Specialist

The following list describes the typical responsibilities of a Funding Specialist:

Address

• Address and resolve any funding-related issues.

• Address customer services issues according to established parameters, escalating as required.

Adhere to

Adhere to safety and quality requirements, including proper LOTO techniques.

Advocate

Advocate for the organization's mission and vision in funding applications.

Analyze

• Analyze and interpret grant guidelines and criteria.

• Analyze data and information to provide insights and recommendations.

• Analyze issues and determines next steps.

Assemble

Assemble weekly or daily funding request information for clients.

Assess

• Assess significance of any security or conditions shortfalls, credit and fraud risks.

• Assess the financial needs of various projects.

Assist in

• Assist in new hire training.

• Assist in other areas of Loan Processing Department, as needed.

• Assist in preparing for client meetings and account opening documentation.

• Assist in preparing new business proposals or presentations to clients / prospects.

• Assist in processing more complex customer application / requests.

• Assist in the preparation of financial reports related to grants.

• Assist with the development of client communications as required.

Audit

• Audit and review signed loan documents for accuracy and completeness.

• Audit daily check register reports.

Build

• Build and maintain relationships with community stakeholders.

• Build the relationship with the customer, provide great customer service and you build your future!.

Calculate

Calculate and write about key metrics to strengthen applications (e.g. payback period, ROI).

Celebrate

Celebrate successful funding achievements.

Collaborate with

• Collaborate with finance teams to create accurate budgets.

• Collaborate with internal and external stakeholders in order to deliver on business objectives.

• Collaborate with legal teams to ensure compliance with funding agreements.

• Collaborate with the originations team to resolve outstanding conditions.

Collect

Collect fees applicable to credit terms and conditions or account agreement.

Communicate

• Communicate appropriate funding information and requirements to clients.

• Communicate with government representatives to fill in program-related knowledge gaps.

Complete

Complete comprehensive analysis for risk, financial and profitability rating and assessments.

Conduct

• Conduct Income verification including analysis of tax returns for self-employed borrowers.

• Conduct risk assessments for funding applications.

Coordinate

• Coordinate site visits and evaluations for funders.

• Coordinate with project managers to understand funding needs.

Craft

Craft persuasive grant proposals.

Create

• Create and deliver presentations to potential funders.

• Create and implement comprehensive funding strategies.

• Create and maintain a database of funding contacts.

• Create, print, and scan funding checks and other documents and save copies to appropriate locations.

Determine

Determine client needs and ensures timely and accurate completion of transaction processing.

Develop

Develop and maintain relationships with donors and funding organizations.

Diversify

Diversify funding streams for sustainability.

Ensure

• Ensure proper adherence to the code of conduct and ethical guidelines.

• Ensure that member's expectations were exceeded.

• Ensure the General Ledgers for Indirect lending are balanced and reconciled daily.

• Ensure timely resolution of all client questions and concerns, both internal and external.

Enter

Enter funding information in our processing and accounting systems.

Evaluate

Evaluate the effectiveness of funding programs.

Focus

Focus on underwriting and making recommendations loan applications.

Follow-up

• Follow-up and collect required documents to submit full application package.

• Follow-up with FCT and / or Solicitor for all required information.

Foster

Foster strong relationships with assigned clients to facilitate the submission of grant applications.

Gather

Gather information and lead each prospective client from pre-qualification to closing.

Handle

Handle releasing payments to providers or taking action on certain payments.

Identify

• Identify and escalates irregularities and discrepancies to management as per guidelines.

• Identify red flags in loan documentation to identify and resolve potential fraud concerns.

Implement

Implement and monitors procedural and policy changes as required.

Include

• Include acting as a main point of contact for certain customer requests.

• Include a mix of customer service and customer fulfillment activities.

Issue

Issue advance cheques or submit SWIFT Payment requests to solicitors with accuracy.

Maintain

• Maintain control of security collateral including preparation and registration.

• Maintain individual daily balancing standards as well as the Lending Services branch balancing.

Manage

• Manage customer documentation to ensure that records are maintained in a proper manner.

• Manage operational audits and controls for banking and general branch administration.

• Manage the grant application and reporting calendar.

• Manage the negotiation and closure of funding deals.

Meet

Meet daily, weekly, and monthly funding metrics.

Monitor

Monitor and track funding opportunities.

Negotiate

Negotiate and secure funding agreements.

Participate in

Participate in funding-related conferences and workshops.

Perform

• Perform basic repairs and replace various components on mechanical assemblies.

• Perform daily maintenance tasks working in a semiconductor cleanroom environment.

• Perform quality assurance checks on the loan repayment method, interest rate and term.

Plan

Plan and execute the campaign for Brain Racers, with timelines and reporting.

Prepare

• Prepare and submit funding proposals within deadlines.

• Prepare checks and documents for mailing via USPS or FedEx.

Process

• Process all transactions within the established service level agreement.

• Process claim payments for various vendor fees.

Provide

• Provide input into the planning and implementation of operational programs.

• Provide regulatory disclosure information on new and other specific types of accounts.

• Provide training on funding application procedures.

Receive

Receive daily in-house generated inbound leads - no outbound.

Recommend

• Recommend solutions based on your client's or member's needs and objectives.

• Recommend workflow improvements to deliver a more efficient operation.

Record

Record bank transactions for specific clients.

Refer

Refer more complex and specific requests, questions or issues as required.

Research

• Research and apply for government grants.

• Research and identify potential funding sources.

• Research and leverage current knowledge for planning crowdfunding campaign.

• Research funding programs to strategically match client projects to funding opportunities.

Resolve

Resolve problems as required to support effective business operations.

Review

• Review and actions overdrafts and other monitoring reports in a timely manner.

• Review and edit proposals for clarity and coherence.

• Review and provides feedback and best practices about client solutions and credit structure.

• Review imaged documents for accuracy, completeness and image quality.

• Review titling documentation and works to ensure units do not have branded or salvaged titles.

Send out

Send out issues / summary emails and communications.

Set-up

Set-up and completes margin / covenant tests within established timeframes.

Sort

Sort through and correctly handle mail received in the Funding Department.

Stay abreast of

• Stay abreast of changes in the funding process and update procedures accordingly.

• Stay updated on industry trends and funding opportunities.

Support

• Support change management of varying scope and type.

• Support the development of tools and delivery of training focused on delivering business results.

Track

Track record of results, setting strategy, and running a large volume and high profile business.

Understand

Understand the MCA landscape of lenders and closing process.

Update

Update status, request missing documents and make other notations in appropriate systems.

Use

Use dashboard reports to determine loan eligibility for funding.

Work zith

Work with Processors to complete transactions after funding to pay any outstanding residual balances.

Most In-demand Hard Skills

The following list describes the most required technical skills of a Funding Specialist:

1. Proficiency in crafting persuasive and effective grant proposals.

2. Ability to create and manage detailed budgets for grant proposals.

3. Strong research skills to identify relevant funding opportunities.

4. Ability to analyze financial data and create accurate budget proposals.

5. Skill in developing and maintaining comprehensive data management systems.

6. Effective presentation skills for engaging potential funders.

7. Ability to negotiate funding terms and conditions.

8. Skill in assessing and mitigating risks associated with funding applications.

9. Capability to manage multiple funding projects simultaneously.

10. Effective communication and relationship-building skills.

11. Ability to build and maintain relationships with funding organizations.

12. Awareness of trends and changes in the funding landscape.

13. Ability to evaluate the effectiveness of funding programs.

14. Skill in using and managing databases for funding.

15. Ability to draft funding-related policies and procedures.

16. Capability to provide training on funding application procedures.

17. Ability to adapt strategies based on feedback and changing priorities.

18. Skill in advocating for the organization's mission and vision in funding applications.

19. Understanding of market trends and potential funding sources.

20. Knowledge of legal requirements related to funding agreements.

Most In-demand Soft Skills

The following list describes the most required soft skills of a Funding Specialist:

1. Clear and effective communication with internal and external stakeholders.

2. Meticulous attention to detail in funding proposals and reporting.

3. Efficient time management to meet funding application deadlines.

4. Effective problem-solving skills to address funding-related challenges.

5. Strong collaborative skills to work with project managers and other teams.

6. Flexibility in adapting to changing funding landscapes and priorities.

7. Leadership qualities to guide funding-related initiatives.

8. Ability to adapt to new technologies and tools in funding.

9. Understanding the diverse needs and challenges of both the organization and funders.

10. Resilience in the face of rejection and challenges in the funding application process.

Conclusion

By embracing these responsibilities and developing the required hard and soft skills, Funding Specialists can navigate the intricate world of funding, securing essential resources for organizations and projects, and contributing to their success and sustainability.