Loans for Churches
Churches are looking for ways to supplement their income and improve their financial position. Often times, this requires loans for churches to renovate their buildings or purchase a building. Griffin Church Loans helps churches by providing loans to help them accomplish their goals.
Since the recession, we have closed many loans for churches that have decided to use their buildings to supplement their income. Churches can directly achieve this goal many ways. They can rent out part of the building, open daycares and preschools, etc. They also achieve it indirectly through building renovations that improve the appearance of their buildings. This allows them to lease it out for short-term events such as weddings. No matter how the church approaches their new venture, they usually need a loan to get started.
Griffin Church Loans helps churches by providing loans to help them accomplish their goals.
Why supplement income for the church?
One big reason is to become self-sustained. Then, the church is not asking their members for money above their general tithes and offerings. Supplemental income helps the churches build a nest egg for emergencies as well as future endeavors. The recession created a need for church leadership to help protect their financial futures by creating additional sources of income.
Loans for Churches: Griffin’s Stories
In Lackawanna, NY
We recently closed a loan for a church in Lackawanna, NY. The church decided to open a new business that would also help their community. They purchased a building to renovate and turn into a house for battered women. The church has been a pillar in their community for the past 100 years. It makes sense that their new venture would lift the community.
In Washington DC
We have also been closing loans for churches that are opening daycares and preschools. The churches need the loans to renovate the portion of their building that will house the new business. They may need to construct a building for the new venture. We closed a loan for a church in Washington DC that was renovating and expanding to make room for their daycare. They were facing a major roadblock though. They were selling a lot that they owned to fund the expansion of their daycare. However, their current lender was sold to a different bank. The new bank does not make church loans and would not allow them to keep the proceeds of the land sale. The bank informed the church that they must apply all of the proceeds from the sale to pay down their loan. The church found us. We closed a loan that allowed them to refinance and keep the proceeds from their sale to start the expansion.
In Macon, GA
We also closed a loan for a church in Macon, GA this year for a church that was renovating an unused building. They decided to convert the empty building into a daycare facility. Rather than have the space sitting vacant, they will be generating income for their church and mission work. They have saved funds for initial operating costs. They came to us for the money for the last phase of their plan: bringing the building up to code.
If your church is exploring changes to supplement your income that will require funding, then call us at 800-710-6762. Our loan analysts can provide support to help you move forward.