wfn.org | ABCUSA: ABEC Celebrates 45th Anniversary

["SCHRAMM, Richard" <Richard.Schramm@abc-usa.org>]

American Baptist News Service (Valley Forge, Pa. 3/2/04)--The American
Baptist Extension Corporation (ABEC) last week commemorated 45 years of
helping churches secure financing in order to acquire property, build and
renovate.

On Feb. 27, 1959 ABEC was founded as a response to a growing need in the
(then) American Baptist Convention to more effectively assist churches with
their building projects.  Since then ABEC has helped hundreds of churches and
other institutions across the U.S. and Puerto Rico to realize ministry
dreams.

A large part of the work of ABEC is made possible through investments by
individuals, churches and other institutions.  ABEC offers demand and
investment notes, which pay competitive interest rates, and ABEC has repaid
principal and interest on time since 1959.  An ABEC investment can be opened
with as little as $100.  Outstanding loans as of Dec. 31, 2002 were $45
million and notes payable were $52 million.

"ABEC offers the denomination a valuable resource both in stewardship and
furthering ministry," said Valoria L. Cheek, Esq., president of ABEC.  "A
committed board and staff who work together well are furthering the work and
mission of our organization.  ABEC's success is due in large part to the
trust that churches have placed in us over the past 45 years." 

ABEC has been planning additional strategies to provide both enhanced core
services and new services for American Baptists.  Skills labs, which
emphasize building planning, will take place throughout the country during
2004, and many churches are utilizing ABEC's Comprehensive Building Services
program. 

For more information about ABEC call 1-800-222-3872/x2232 or visit
www.myabec.org.

K/2004ABNS/04ABN24

American Baptist News Service: Office of Communication, American Baptist
Churches USA, P.O. Box 851, Valley Forge, PA 19482-0851; (800)ABC-3USA x2077
/ (610)768-2077; fax: (610)768-2320; www.abc-usa.org;
richard.schramm@abc-usa.org