The Diocesan Loan Committee (formerly the Stokes Fund Committee) provides term loans to congregations for the following:
In keeping with diocesan mission strategy, loans will be made to vital congregations and those with a plan to become vital. The criteria for assessing vitality are to be determined with the assistance of the Congregational Development and Support Steering Committee. All future loans from the Diocese to congregations will be reviewed by the Diocesan Loan Committee for financial and mission soundness.
Direct congregation-to-congregation loans guaranteed by the Diocese are no longer supported; all such loans are now structured as two loans, one from the lending congregation to the Diocese and another from the Diocese to the borrowing congregation. The Diocesan Loan Committee will subject these loans to the same scrutiny with the same criteria as all other committee loans. Interest will accrue on delinquent loans and further delinquency will result in a late fee or penalty.
To provide sufficient funds for the larger loans, the Diocesan Loan Committee may borrow from endowed congregations, paying them a rate of interest slightly better than the rate on an equivalent maturity bond. These loans will be backed by the full faith and credit of the Diocese.
Complete applications for these loans are due by May 2, 2009.
For further information, contact Alice Claps (aclaps [at] diomass [dot] org; 617-482-5800, x554) in the Treasurer’s Office.