Providing Financial Assistance to Northwest Baptist Churches
The Northwest Baptist Foundation manages funds that exist to provide site acquisition and building construction loans for churches. Site acquisition loans will generally have terms up to 5 years and construction loans will have terms up to 12 months.
We provide small special purpose church loans for the purchase of church property, equipment acquisitions, and improvements to existing facilities. These loans can be for an amount up to $100,000 and for terms of up to 10 years.
Site acquisition and construction loan applications are reviewed and approved by the Northwest Baptist Foundation’s Board of Directors. Special purpose loans are approved by the Foundation’s Church Loan Committee, which is comprised of approximately one-third of the Foundation’s Directors. In many cases, it is required that representatives from the church meet with the Church Loan Committee during the application process. The Board and Committee meet regularly in March and August of each year. Churches considering applying for financing through the Foundation should request an opportunity to meet with the Board as soon as possible so as not to cause delays.
As part of the approval process the Foundation reviews the Church’s financial information in order to determine the ability to repay the loan, using the following guidelines:
Loans should not exceed 75% of the value of the property securing the loan,
Loan payments should not exceed 30% of undesignated income.
Churches who are members of the Interstate Baptist Association may qualify for special low-interest loans. These loans are available from a trust fund established by the Interstate Baptist Association for the benefit of their member churches. The Foundation manages this fund on behalf of the Association, and works with them to review and approve loan applications as they are received.