By Rev. Dr. John Odom, Executive Presbyter
“You’ll be known as those who can fix anything, restore old ruins, rebuild and renovate, make the community livable again” (Isaiah 58:12). What an amazing vision for God’s people to live into. What a worthy calling for the presbytery to be about. Alas, Isaiah has never seen me operate power tools!
Imagine your church boiler dies, an HVAC unit get hit by lightning, a frozen pipe bursts and collapses the ceiling, a new-roof fundraiser falls a little short. These are a few of the numerous scenarios that can impact a congregation’s ability to do ministry in Jesus’ name. The Presbytery of Genesee Valley understands and is here to help. We recognize that without sound, safe, healthy church buildings and grounds, mission and ministry can be crippled.
The Board of Trustees is putting our money where our ministry is. They have earmarked up to $500,000 of the presbytery’s reserved funds to invest in Gap Loans for Congregations.
The Gap Loan program is simple. When a congregation is faced with an immediate major maintenance issue for which the church does not have sufficient funds on hand, or time for a fundraiser, or while the capital campaign pledges are coming in, or the bake sale proceeds are tallied, the presbytery’s Trustees want to provide congregations with up to $100,000 or 100 percent of their annual operating budget (whichever is the smaller) as a short-term—5-year maximum amortization— Gap Loan. The presbytery wants to help churches get the work/repairs/renovations done immediately while figuring out how to cover the major capital expense over the long term. Presbytery Gap Loans carry interest rates that are based on the Secured Overnight Financing Rate (SOFR) minus 0.5%. The current interest rate on a Gap Loan is roughly 3.7%.
For more information or to apply, please contact Ed Daniel, chair, Presbytery’s Board of Trustees, or John Odom, executive presbyter, or your congregation’s Trustee liaison. Also, watch for an online Gap Loan application soon.
Isaiah’s charge to the faithful is a big task, but most Godly endeavors are. As the presbytery continues to endeavor to be doers of the Word and not just hearers only, the Gap Loans for Congregations are just one of the many ways that we seek to be known as “those who can fix anything, restore old ruins, rebuild and renovate, make the community livable again.”
To apply for a Gap Loan, fill out the application here: https://pbygenval.wufoo.com/forms/gap-loan-application/
