The diocesan Grants & Loans Committee has announced a new no-interest loan program for parishes struggling to meet expenses in the face of the COVID-19 pandemic.
Loans through the Butterfield Fund will be available in amounts up to 5% of the vestry-approved FY2020 operating budget. The loans should be used for operating expenses that would otherwise be difficult to pay or require the use of investment equity. Loan applications will be reviewed and funded within 5 business days. No interest will be charged on this loan. Payback will be deferred for 6 months, and made in 60 equal monthly installments.
For example: a parish with an operating budget of $100,000 for 2020 receives a loan of $5,000 (5%) dated April 15, 2020. The first payment is due in 6 months, October 15, 2020, and the parish pays $83.33 each month through September 15, 2025.
The loan application is available online
. The loan must be approved by a vote of the church vestry, and the application signed by the senior warden or treasurer and by clergy serving the congregation. The parish must be current with its parochial report before the funds are dispersed. Questions may be directed to Canon Lynn Bates
Download the application [doc