Senior Credit Analyst

Senior Credit Analyst

San Francisco || Oakland, CA

Formic is on a mission to reshape American manufacturing by making automation accessible to every factory. As labor constraints rise, costs increase, and global competition intensifies, automation is no longer optional for manufacturers that want to stay competitive.

We deliver automation through a Robotics-as-a-Service model that combines industrial robotics, proprietary software, and full-service support into a single, integrated solution. By removing the traditional barriers of cost, complexity, and risk, we enable manufacturers to deploy automation quickly and realize measurable gains in throughput, safety, and operational efficiency without large upfront capital investment.

Backed by leading investors including Lux Capital, Initialized Capital, Blackhorn Ventures, and Mitsubishi HC Capital North America, Formic is scaling rapidly and building the foundation for a new era of high-performance, Made in America production.

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.

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 San Francisco area and able to work onsite 3+ days per week from Formic's Oakland, CA 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 Range:

$95,000 - $145,000 USD

What we look for:

We're building this company from the ground up, and every person we hire has an outsized impact on our culture, performance, and trajectory. While each team member brings unique strengths and perspectives, we look for people who align with our Operating Principles and embody them in action. If this sounds like you, Formic may be the right place for you!

• Fearless Optimism: You make bold bets and default optimistic. You believe in the mission, aren't paralyzed by risk, and fear inaction more than failure. You see ambiguity as opportunity and bring energy to building what doesn't yet exist.
• Create the Magic: You absorb complexity so customers don't have to. Whether your customer is external or internal, you focus on delivering experiences that are clear, fast, value-added, and outcome-driven. You don't say "not my job." You make things work.
• Today, Not Tomorrow: You have a bias to action. You close the loop. You take extreme ownership. You understand that speed compounds, and you don't confuse activity with results.
• Seek Truth: You think from first principles. You value data over ego and strong opinions loosely held. You're willing to challenge assumptions, including your own, in pursuit of the best answer.
• Made of Rubber: You are resolute and adaptable. When things break or priorities shift, you rebound stronger. You treat setbacks as learning moments and move forward with grit.
• One Formic: You operate without silos. You practice radical helpfulness, document clearly, and make clean handoffs. You assume positive intent and prioritize team success over individual credit.

Equal Opportunity Employment:

Formic is an equal opportunity employer. We do not discriminate on the basis of race, color, religion or religious creed, sexual orientation, gender, gender identity, marital status, family or parental status, disability, military or veteran status, or any other basis protected by law. All employment decisions are based on a person's merit, business needs, and role requirements. If you require further accommodations or have questions regarding accessibility of our roles, please reach out to View email address on click.appcast.io.

AI Use:

At Formic, fairness and transparency are at the heart of our hiring process. We use AI-powered tools in some interviews to help our teams evaluate candidate responses, but all final hiring decisions are made by humans. You can learn more about how AI is used in our recruitment process by reviewing our AI Hiring Disclosure linked here.