Tuesday, January 31, 2012
The Eastern Pennsylvania Conference Loan Fund has loans available for church building and renovation projects of all types. The Conference Loan Fund has a rich forty year history of granting loans to local churches. The Fund is a separate Pennsylvania non-profit corporation. Its purpose is to promote and support the mission of the Eastern Pennsylvania Conference by the establishment and maintenance of a fund for the purpose of making loans to conference churches and agencies for building related projects. Loans are not made for program or personal property.
Loans are secured by a mortgage and applications are available on the conference web site. Applications must be signed by the Pastor, District Superintendent and an authorized representative of the Board of Trustees. Applications must be received thirty (30) days prior to the board meeting. The board meets quarterly, on the fourth Wednesday of January, April, July and October. The loans have the following favorable terms; interest rate of 5.5%, no closing costs, simple loan documentation, borrow as little as $10,000 or up to $750,000. There is a ten (10) year amortization period for loans greater than $50,000. All loans under $50,000 are amortized over a five (5) year period.