A portion of the funds held by the Investment Fund are available to lend to congregations and diocesan institutions. These loans are part of the investment portfolio providing earnings to the investors in the Investment Fund. To preserve the integrity of these earnings those who wish to borrow funds from the Investment Fund are required to complete an application which will be subject to a multi-step review process.
The interest rate on these loans is variable. The rates are reviewed each year at the Investment Fund Committee’s October meeting and may be reset effective January 1 of any given year. Click here to find current interest rates.
The amortization period is somewhat negotiable and prospective borrowers are encouraged to propose terms which meet their specific needs.
Before a loan may be granted the congregation or institution must be in compliance with Title I, Canon 7, Section 4 of the Canons of the General Convention of the Episcopal Church. This canon states that, “All real and personal property held by or for the benefit of any Parish, Mission or Congregation is held in trust for this Church and the Diocese thereof in which such Parish, Mission or Congregation is located.” This canon was affirmed by our Diocesan Convention in 2007. Compliance requires a review of the congregation’s title documents and possible revision. Please contact the Director of Finance & Administration with questions.
An application package containing required information should be submitted to the Director of Finance & Administration.
Click here to download the Loan Application Package