Congregational Loans
The Colorado Episcopal Foundation offers Episcopal missions and parishes in the state long term financing opportunities through the Congregational Loan Program. The mission/parish identifies congregation members to participate in the program. The members then loan money to the Church and enter into a fixed term note payable. The Foundation administers the program including any or all of the following:
- Prepare Church approved note documents
- Collect Note Proceeds from congregation participants
- Collect monthly payments from Church to pay off notes and interest
- Make periodic interest payments to congregational participants
- Make scheduled principal payments to congregational participants
- Annual preparation of 1099's
Program Guidelines:
- Minimum term–1 year
- Maximum term–15 years
- $5,000 minimum each parishioner loan
- $25,000 minimum church loan (general, can be lower)
- Approval from Diocese – Alienation and Encumbrance if secured by real estate
- Interest rate varies based on market rates, term, amount, and structure
Required information to be submitted:
- Annual audit in compliance with canonical requirements
- Letter from Securities counsel documenting exemption from registration, etc
- Current and past 3 years financial statements
- Current and next year's budget
- 3–5 year forecast
- Member count (current and forecast)
- Current loan details – if applicable.
- For more information, contact Scott Asper at the Foundation.
For more information, contact Scott Asper at the Foundation.