wfn.org | COGA Pledges $20,000 to PILP

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19-May-1998 
98184 
 
    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 
congregations. 
 
    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 
Assembly. 
 
    "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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