Underwriter , Business Banking

Alerus is a commercial wealth bank and national retirement provider with one core purpose: helping clients achieve their financial goals. We are driven by a shared commitment to always do the right thing; leading with integrity and providing valued advice and guidance to our clients. We value the expertise and skillsets each team member provides and encourage collaboration, innovation, adaptability, and an entrepreneurial spirit at all levels of our company.

By consistently seeking improvements and growth, we foster long‑term relationships with clients and team members.

The Business Banking Underwriter I is accountable for underwriting and monitoring a portfolio of business banking level commercial and industrial (C&I) loans ranging in size from $1,000,000 to $5,000,000. The portfolio may also include agricultural, owner‑occupied and/or small investor commercial real estate loans. The Underwriter partners with Commercial & Business Bankers to propose and negotiate lending solutions on new opportunities and underwrites credit risk.

Performs financial analysis including forecasting and sensitivity analysis to assist in determining borrower capacity to repay. Develops a comprehensive understanding of customer’s financial needs and formulates a plan for loan structure and servicing. Writes cogent credit narratives and performs advanced risk assessments of products, policy, structure, terms and financial strength with minimal to moderate guidance/feedback. Collaborates with bankers and Regional Credit Officers to structure loan terms that align with the bank’s risk appetite and client needs.

Independently grades all credits in accordance with Bank's credit classification system. Monitors existing loan portfolio performance and proactively identifies early warning signs of credit deterioration or covenant breaches. Ensures loan requests adhere and comply with applicable bank regulations, policies and procedures. Stays updated on economic trends, industry developments, and regulatory changes impacting credit underwriting and commercial lending practices.

• Bachelor’s degree or equivalent education including upper‑level courses in finance and accounting.

• 1‑3 years of experience in a previous credit analyst or underwriter position.

• 1+ years of experience working with commercial and industrial, commercial real estate and agricultural lending preferred.

• In‑depth knowledge of straightforward to medium complexity loan documentation, banking laws and regulations preferred.

• Competitive base salary, bonus, and incentive opportunities.
• Comprehensive health and well‑being benefits including medical, dental, vision, life and long‑term disability insurance; and 401(k) and ESOP for retirement savings.
• Generous paid time off programs such as flexible time off, company‑paid holidays, parental and bereavement leave.
• Learning and development resources for personal and professional career development, and advancement opportunities.
• Access to financial experts for guidance, financial wellness tools, and discounts on Alerus products and services.
• Support for the communities we live in through paid volunteer time and a company donation match opportunity.

Work is typically performed in an office setting. The employee is regularly required to sit for extended periods of time. The employee is occasionally required to move about the office utilizing proper ergonomic safeguards when doing so. Additionally, the employee must occasionally lift or move supplies and materials up to 20 pounds.

Alerus is an equal opportunity employer and value diversity at our company. We do not discriminate on the basis of race, religion, color, national origin, gender, sexual orientation, age, marital status, veteran status, or disability status. Equal Opportunity Employer / Protected Veterans / Individuals with Disabilities. This employer is required to notify all applicants of their rights pursuant to federal employment laws.

For further information, please review the Know Your Rights notice from the Department of Labor.