New Loan Rates, New Muzzy Loan Limit

New Loan Rates

New Muzzy Loan Limit

Effective March 1st, 2011, all Amortized and Line of Credit loan interest rates were lowered by 1/4%. The benchmark interest rate for our Amortized loan is now 6.250%, Line of Credit loans are at 6.500%. But don't forget you could also qualify for a discount of up to 3/4% based on your church's mission giving history. 

New Muzzy loans have a benchmark interest rate of 5.250% but again, could be discounted as low as 4.500%, depending on your Mission Giving discount. This change will not effect current Muzzy loans, unless they are due for review at this time.  

The loan limit for New Muzzy loans has also been increased as of March 1st from $125,000 to $250,000.00

Loan applications may be found under the loan section of the Synod website or for more information, please contact the Synod's Loan Coordinator at 1(800) 754-0669 ext.10...If you're a small congregation (under 125 members), New Church Development, or Racial Ethnic Ministry, looking for financing of a project, please drop the Synod's Loan Coordinator an email

Discounted Services for churches insursed by Insurance Board

Those churches insured by the Insurance Board should look into these services.  See the "basic background check" for $5 and the possibility of electrical inspections and property appraisals.

The other insurers of churches in the presbytery may have similar services.

SUBSIDIZED:

Background Checking – Every sophisticated organization, especially those serving children, conducts background checks of employees and volunteers. The Insurance Board provides services subsidized at 50% of our negotiated rate for current, active participants. A "basic" background check costs your church only $5. See Safe ConductTM Workbench. All churches and related entities of the United Church of Christ, Disciples of Christ (Christian Church), and Presbyterian Church (USA) can take advantage of this program (non-program participants enjoy our discounted rate, but not a subsidized rate).

Electrical Inspection by TEGG – If your church is more than 30 years old, you can be sure there are defects in your electrical service that can and may result in serious shocks or fires. Invest $225 in an electrical inspection and receive $500 back in free repairs of any defects identified as "critical" or "severe."  (This service may not be available in some areas.)

Property Appraisal – You have a fiduciary responsibility to assure that your insurance limits are adequate for your church. A professional appraisal is recommended for very large churches, historic churches and many built prior to 1950. They often contain craftsmanship, construction methods, stained glass and pipe organs rarely used in modern churches. Industrial Appraisal Company (IAC), a specialist in church appraisal, provides a discount to Insurance Board program participants. To receive an estimate on the cost of an appraisal, go to this link and make your request: Appraisal Service Estimate