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COGA Pledges $20,000 to PILP
PCUSA NEWS <email@example.com>
12 Jun 1998 20:09:15
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COGA Pledges $20,000 to Presbyterian
Investment and Loan Program
by Julian Shipp
LOUISVILLE, Ky.--Officials with the Presbyterian Investment and Loan
Program, Inc. (PILP), reported continued growth during March and April at
its board of directors meeting here May 16-17, including a $20,000
investment commitment from the Committee on the Office of the General
Assembly (COGA) for church capital development purposes.
The Rev. Kenneth G.W. Grant, PILP president and chief executive
officer, said that with COGA's recent action the number of General Assembly
founding investors is now three. "In the future, I trust that all five
potential founder investors will invest in the Presbyterian Investment and
Loan Program so that the clearest message will be sent to the whole church
- that all entities of the General Assembly are united in their support of
church growth," Grant said.
According to Grant, 63 investments totaling $489,000 were received in
March. In April, 161 investments (the highest monthly number to date)
totaling $849,700 were received. During the period, Grant said, loan
commitments totaling more than $3.1 million were approved and PILP's loan
operations team closed loans totaling more than $1.1 million for three
Grant said PILP's directors, officers and management made presentations
to 32 congregations and presbyteries during March and April. Due to this
work, he said, management expects receipt of seven loan applications for
more than $3.9 million over the next seven months. He said PILP expects to
close approximately $2.2 million in loan commitments in May, which is above
the $1.25 million monthly average the program needs to meet its 1998 goal
for loans of $15 million.
"When these mortgages are closed, we will have originated loans
totaling more than $10.8 million since inception of the program," Grant
told the Presbyterian News Service. "We have moved forward in the
development of our sales resources. The loan and investment products we now
offer Presbyterians match the needs of local congregations and the promise
of our marketing plan that was approved at our March meeting."
The board also approved a resolution honoring Alvin N. Puryear of the
Bronx, N.Y., former PILP board chair. The Rev. Ben McAnally of Tyler,
Texas, the new PILP board chair, expressed his appreciation to Puryear for
his contributions to the program, his energy and his leadership.
McAnally said Puryear will be formally honored during PILP's July
10-12 meeting in Irving, Texas. Puryear continues to serve PILP as a board
member as well as a member of the Special Committee on the General
"I covet your prayers and support as I continue to carry on the
exciting work of [Puryear] and this program," McAnally told the board
members. "I realize that I have some big shoes to fill."
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