Update on Our Church Loans

As we prepare for our annual Stewardship Season that begins on Sunday, October 19, this is a good time to inform you of the progress we’re making on our debt service. As you may remember, we took out a $3 million loan to add to the $2 million we raised among us to construct our nave. We were blessed to secure a low interest rate of about 3% on that loan, the balance of which today is $2.73 million.

Toward the end of our project, we needed to take out an additional $500 thousand loan to help with furnishing and final expenses. The interest rate had increased by this point to about 8%, which means the Vestry has been prioritizing paying off this second loan as soon as possible. 

We are excited to announce that the current balance of this second loan is now $105 thousand. Our goal is to pay off this second loan by the end of the year while also keeping up with our normal monthly scheduled loan payments. Paying off this loan before we enter a new budget year will be a huge blessing. We encourage everyone to prayerfully consider how they might participate in helping us pay this loan off by 2026.