From the Worldwide Faith News archives www.wfn.org
FOURTEEN NEW CHURCHES RECEIVE LOANS
05 May 1996 12:54:49
95090 FOURTEEN NEW CHURCHES RECEIVE LOANS
by Jerry L. Van Marter
LOUISVILLE, Ky.--Fourteen Presbyterian new church developments received
loans totaling $1.9 million when the Mission Development Resources
Committee met here Feb. 23-25.
During the meeting, the committee adjusted the terms on 12 existing
loans and granted extensions on 12 others.
The committee also adjusted the interest rate on its church loans.
For loans granted in 1995, borrowers will pay 7 percent interest. The rate
for site-acquisition loans is 4 percent interest only for the first five
years and 6 percent interest for the remaining 15 years of the loans.
As part of its ongoing evaluation of the loan and grant program for
new church development and church redevelopment, the committee explored
ways to implement new elements of its work, including:
* funding for the search phase for pastors of new church developments
* extended funding of mission development grants
* funding for revitalization of existing churches.
The committee will next meet April 20-23 in San Antonio, Texas.
# # #
For more information contact Presbyterian News Service
Presbyterian Church (U.S.A.), Louisville, KY 40202
phone 502-569-5504 fax 502-569-8073
E-mail PCUSA.NEWS@pcusa.org Web page: http://www.pcusa.org
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