Generosity Gems
Member Borrowing
The James Company staff members recently completed a two-year Capital Fund Appeal for a Lutheran congregation to raise $675,000 for the purchase of 11 acres of land for a new church facility.
Initial gifts and church reserves generated $425,000 as a down payment for the land closing. Rather than borrow commercially the addiitonal $250,000 at 6% interest, church leaders asked members for short term loans at 0% to 2% interest. It worked!!
Members made loans worth $250,000, saving the congregation thousands of dollars in interest. They closed on the land and the loans will be paid back to members as the two-year Capital Fund Appeal commitments are received.
Asking works!
Written by Robert J. Connolly - Vice-President, The James Company
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February 2010
