Senior Credit Analyst

About the team:

Formic’s Credit Team supports responsible growth by evaluating customer risk and structuring commercial terms that enable scalable automation deployments. The team partners cross-functionally to assess exposure, protect capital, and maintain disciplined underwriting standards as Formic expands nationwide. By balancing risk management with commercial velocity, the team helps ensure Formic can scale confidently while maintaining strong portfolio performance.

About the role:

As a Senior Credit Analyst, you will lead underwriting efforts for SMB and mid-market manufacturing customers. You will assess financial health, evaluate risk, and recommend commercial structures that align customer opportunity with Formic’s capital strategy. This role requires strong analytical rigor, sound judgment, and the ability to operate independently while partnering closely with Sales and cross-functional stakeholders to support deal execution without compromising credit discipline.

In this role you will:

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

What makes you a great fit:

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

Bonus points if you have:

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

Our Total Rewards:

At Formic, we believe people do their best work when they feel supported both professionally and personally. That’s why we offer a comprehensive benefits and perks package for full-time, U.S.-based team members, including:

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

Compensation Philosophy

Formic’s pay and equity packages are thoughtfully benchmarked against peer companies at a similar growth stage. Equity represents a meaningful part of our mutual investment: when Formic succeeds, so do you.

Final offers are customized based on experience, geographic location, market considerations, and a candidate’s preferred balance of cash and equity. Our goal is to attract and reward top talent who will have significant impact, and we are open to thoughtful discussions to align on the right structure.

Compensation Range:

$95,000—$145,000 USD