Title: Church Extension directors okay $6.8 million in loan requests
Date: March 19, 1997
Disciples News Service
Christian Church (Disciples of Christ)
Contact: news@cm.disciples.org
97b-14
INDIANAPOLIS (DNS) -- Directors of the Board of Church Extension approved more than $6.8 million in loan requests during the group's first quarterly meeting here March 11-12.
Loan requests to help finance building expansion and improvements for Christian Church (Disciples of Christ) congregations and related institutions came from 14 states plus Puerto Rico. The loans support 31 projects which include remodeling, new construction, site purchases and debt refinancing. Costs of all projects totaled more than $10 million.
In other board action, three interest-free loan requests totaling $150,000 were approved for projects in Puerto Rico, Michigan and Colorado. Seven congregations now have outstanding commitments totaling $510,000 in interest-free loans.
As of Feb. 28, reports showed loan balances of $80.1 million while the board's assets stood at $98.5 million. Investments placed with BCE, a primary source of loans, stood at nearly $78 million.
Other reports showed 648 field visits were made by staff and special consultants to provide services to 418 congregations during 1996. Included were 72 building and combined fund campaigns that produced more than $13.5 million in pledges to help fund capital expansion projects and, in some instances, to underwrite operational budgets.
-30-