wfn.org | New BCE loan procedures allow quicker response time

[DISCNEWS.parti@ecunet.org (DISCNEWS)]

Date: September 22, 1997
Disciples News Service
Christian Church (Disciples of Christ)
Contact: Clifford L. Willis
Email: CWillis@oc.disciples.org
on the web: http//www.disciples.org

97b-52

     INDIANAPOLIS (DNS) -- Significant changes that will transform
loan approval procedures highlighted actions taken by the Board of Church
Extension directors during their quarterly meeting here Sept. 16-17. 

     Following several months of study, directors approved changes in
policies to give staff greater responsibility in approving loans to
congregations and other Disciples organizations and to allow quicker
responses to loan requests.  

     "By clarifying and updating our loan policies we are able to allow
staff to respond within those guidelines in a more timely manner," stated
Jane D. Lollis, Louisville, Ky., board chairperson. "Directors now will
have more time to attend to a broader range of  policy issues," she  added.

     The new loan policy creates a staff loan committee with the
responsibility of approving standard loans up to $1 million. Larger loan
requests and those not meeting defined criteria will continue to be
approved by directors of the Board of Church Extension.

     Directors also approved nearly $4.9 million in new loan requests
from 16 states, plus Puerto Rico, for 34 building projects. The projects
include remodeling, new construction and debt refinancing.  Combined
costs for the projects totaled nearly $9.8 million.  The requests ranged
from $2,500 for installation of a sewer line in a Houston Hispanic
congregation  to $1 million for construction of the first building for a new
congregation in the Dallas area.

     Seven interest-free loan requests totaling $356,750 were approved
for congregations in Texas, Ohio, South Carolina and Florida. Fifteen
congregations now have commitments for $924,250 in interest-free loans.

     As of Aug. 31, reports showed loan balances of $85.1 million
while BCE's assets stood at $99.4 million. Investments placed with the
church planning and financing unit, a primary source of loan funds, stood
at nearly $78 million.

     Directors took the first step toward establishing a low-interest loan
fund for congregations renovating facilities to remove barriers for persons
with disabilities. Approval was given for the creation of such a fund that
will become active once the balance reaches $500,000.  

     "This fund is the appropriate next step for Church Extension as it
seeks to assist congregations in addressing a variety of accessibility
issues," explained Ellen Mitchell, assistant vice president for development. 

     Directors also approved reports showing 163 field visits by staff
and special consultants during May, June and July.  Included were 21
building and combined fund campaigns which produced $4.5 million in
pledges to help fund capital expansion projects and, in some instances, to
underwrite operational budgets.

                       -30-

DISCNEWS - inbox for Disciples News Service, Office of Communication, Christian Church (Disciples of Christ), PO Box 1986 Indianapolis, IN 46206, tele. (317) 635-3100, (DISCNEWS@ecunet.org) Wilma Shuffitt, News and Information Assistant; (CWILLIS@oc.disciples.org) Cliff Willis, Director of News and Information; (CMILLER@oc.disciples.org) Executive Director