Episcopal Church Building Fund offers new terms, new ideas

By ENS staff, August 17, 2010 [Episcopal News Service] Saying that much of the financial strain facing struggling Episcopal Church congregations in United States can be directly attributed to their buildings, the Episcopal Church Building Fund recently announced what it called "strategic and focused changes to its offerings to benefit strapped congregations and prevent closures."

To make loans more feasible for small congregations, the building fund said in a press release, it has increased loan amounts to $500,000, and the term may now be extended up to 15 years.

"We know that smaller parishes struggle to pay off building loans over 10 years," building fund President Julia Groom-Thompson said in the release. "The added term is designed to make payments less financially stressful."

"We realize today that building fund loans may serve as piece of the total funding for a project, they are used as leverage to secure other types of financing," she added. "Today, congregations often need more financial leverage than we had previously been able to provide. We hope that increasing our limit to half a million dollars will bring building projects, and additional financing, within reach."

The loan application process has been streamlined, according to the release. Information is available here and the application itself is here.

Loan decisions are made quickly, the release said.

The building fund also said it is developing new ways to support parishes struggling under the burden of old, difficult-to-maintain under-utilized buildings. The organization helps parishes rethink their space and re-evaluate building usage, and works with them to achieve financial sustainability.

Developing revenue, environmental stewardship of a church's buildings, successful mergers and closings, and understanding how parishes fit into the context of their individual communities were all topics at a recent symposium offered at the organization's new headquarters at St. Stephen's Episcopal Church in Richmond, Virginia.

Building fund officials are available to consult with dioceses and congregations about how to make their real estate assets financially self-sustainable as well as how to put them to work earning income for mission, according to the release.
 
"Many clergy and lay leaders have a hunger to see the dilemmas of their physical assets in a new light, and to find creative and innovative ways to deal with this long-standing, sometimes paralyzing, issue," said Groom-Thompson. "We are in difficult economic times, and many of our churches find themselves in dire financial situations. The time for conversation about this issue is long past, the time for action is now. In times of crisis there is great opportunity. The real misfortune is in not making use of the crisis."