wfn.org | PILP Officials Report Continued Growth

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7-July-1998 
98212 
 
    Presbyterian Investment and Loan Program 
    Officials Report Continued Growth 
 
    by Julian Shipp 
 
CHARLOTTE, N.C.-During the General Assembly Council meeting here June 11, 
officials with the Presbyterian Investment and Loan Program (PILP) reported 
that significant program changes - described as "a blinding flash of the 
obvious" - have supported continued growth. 
 
    Among the changes, said the Rev. Ben McAnally of Tyler, Texas, PILP 
board chair, is a reduction in PILP's minimum investment amount from $1,000 
to $500. The change was made, he said, in response to congregations and 
individuals whose resources are limited but who want to participate in the 
program. He said the minimum maturation for investment certificates has 
been reduced from one year to six months. 
 
    McAnally said PILP has also reduced the amount prospective borrowers 
must invest in PILP in order to qualify for a standard-rate loan from 25 
percent to 20 percent of the amount borrowed. 
 
    "We have done this in an attempt to be more friendly to the 
congregations and to enable them to participate in our work," McAnally 
said. 
 
    The Rev. Kenneth G.W. Grant, PILP president and chief executive 
officer, said the changes have resulted in  "a marked increase in the 
number of dollars that have been invested in the program and the number of 
requests for mortgages." 
 
    For instance, Grant said, as this quarter ends PILP has closed $8.3 
million in loans and committed to close another $4.4 million. To date, PILP 
has received more than $12.4 million in investments from more than 750 
investors. Additionally, he said,  approximately $4 million more has been 
committed for investments to date. 
 
    "The basic message to send ... is this - there are great-rate mortgages 
available for your churches," Grant said, adding that PILP's target this 
year is $15 million in mortgages. 
 
    Over the next 24 months, Grant said, local congregations will have a 
need to refinance $135 million in church loans. Within Presbyterian 
congregations, new financing for building construction, remodeling and 
acquiring new property is currently estimated at approximately $200 
million. Grant said the need for capital financing in the next two years 
for the denomination is expected to rise to more than $335 million. 
 
    "Your cheerful investing and the ongoing support of the General 
Assembly Council is vital and is critically needed," Grant said. "It will 
make a difference and will help congregations across this country ... to 
meet their capital needs for church growth and their goal to spread the 
gospel." 
 
    The GAC also unanimously confirmed the election of PILP's newest 
officer, Joey Bailey of Louisville, Ky. Bailey will serve as PILP's vice 
president for adminstration and finance and chief operating officer. 

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