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Hoosier United Methodist News Archives
| Hoosier United Methodist News |
December 2002 |
North Conf. Loan Fund growing
Still in its first year of existence of providing loans to United Methodist churches and agencies, the North Indiana UM Loan Fund is on track to loan out $1.5 million by end of October.
The $1.5 million in loans taken out by churches all across the conference have been used to build fellowship halls, purchase new parsonages, new roofs, new full church air conditioning systems and new heating plants.
"This is a thrill," said Dr. Phil Ford, associate director of the loan fund. "Both our deposit and loan totals are growing well. We've moved very quickly."
To get the money to loan, the loan fund receives deposits from individuals, churches and agencies that have a clear affiliation with the United Methodist Church. The services offered to depositors include a savings account that currently earns 3 percent interest and a one-year certificate that is currently offered at 4 percent.
The loans are classified as commercial loans, which are different from residential loans. They require an application and an approval process, and payments are arranged on a 15-year schedule.
One of the advantages of the loan fund is its rates. Current loan rates (subject to change by publication time) are around 7 percent; the rates at other loan institutions range from 7 percent to 8.5 percent. Also, closing costs are drastically cheaper. Ford said the average closing costs for a church that gets a loan from the North Indiana UM Loan Fund has been about $95 compared to other institutions that could charge from $1,500 to $3,000 on top of the loan.
Ford said that in a recent survey of depositors, they indicated that they invested because of who and what their deposits were being used for. "The Loan Fund allows their dollars to work twice -- once for the depositor and once for the church."
For more information on how to deposit into or receive a loan application from the NIUM Loan Fund, contact Ford at pford@niumf.org, 765/664-2327 or 800/783-5138.
Last updated on 01/14/2004