Note: The job is a remote job and is open to candidates in USA. Formic is on a mission to reshape American manufacturing by making automation accessible to every factory. As a Senior Credit Analyst, you will lead underwriting efforts for SMB and mid-market manufacturing customers, assessing financial health and recommending commercial structures that align with Formic’s capital strategy.
Responsibilities
- Evaluate financial statements, cash flow profiles, leverage, and working capital trends for SMB and mid-market companies
- Assign internal risk ratings and recommend appropriate exposure thresholds
- Structure commercial terms aligned to customer risk profile and portfolio objectives
- Partner with Sales to support timely deal execution while maintaining underwriting discipline
- Coordinate with Legal and Finance to ensure commercial terms align with Formic’s risk posture
- Monitor portfolio performance and identify early warning indicators
- Maintain clear documentation of underwriting decisions and supporting analysis
- Contribute to refinement of underwriting tools, frameworks, and internal processes
Skills
- 5+ years of experience in commercial credit, underwriting, equipment finance, or asset-based lending
- Direct experience underwriting SMB or mid-market manufacturing companies
- Strong understanding of financial statements, cash flow analysis, and asset-heavy business models
- Experience structuring credit exposure and negotiating commercial terms
- Ability to make independent, well-reasoned credit decisions
- Strong communication skills and comfort partnering with Sales and cross-functional stakeholders
- Based in or willing to relocate to the greater Chicago area and able to work onsite 3+ days per week from Formic's Woodridge, IL office
- Experience in equipment finance, leasing, or capital equipment underwriting
- Familiarity with subscription or recurring revenue business models
- Experience with portfolio monitoring, delinquency management, and loss forecasting
- Experience working within Salesforce or similar CRM-driven workflow
Benefits
- Equity in Formic: Participate in our stock option program and share in the success of a fast-growing start-up backed by leading global investors
- Competitive & Uncapped Commission Structure: Designed to reward performance and impact in commission-eligible roles
- Comprehensive Healthcare Coverage: Medical, dental, and vision insurance through Blue Cross Blue Shield and Unum, with 99% of employee premiums covered and 75% coverage for dependents, with optional buy-up plans available
- Additional Insurance Benefits: FSA and DCFSA, life insurance, short-term disability, and long-term disability through Unum, all 100% employer-paid
- Employee Assistance Program (EAP): Fully funded by Formic, offering support when you need it most
- Paid Parental Leave Program: Up to 12 weeks of paid parental leave
- Company-sponsored 401(k): Invest in your future with our company-facilitated retirement savings plan
- Home Office Stipend: A one-time allowance for fully remote and hybrid employees to support an at-home or on-the-road work setup
- Monthly Cell Phone Reimbursement: Monthly stipend toward personal phone and internet expenses
- Flexible Time Off: Take the time you need, when you need it, supported by our flexible PTO policy
Company Overview
At Formic, we make automation simple. We're dedicated to helping manufacturing businesses across the United States supercharge their productivity. It was founded in 2020, and is headquartered in Chicago, Illinois, USA, with a workforce of 51-200 employees. Its website is https://formic.co.