Baptist Union Emergency Loans: £25,000
Many churches will have experienced a significant loss of income due to stopping services and stopping room hire by external users. To help churches through this period, churches can apply for an emergency loan of over £25k, interest free and without repayments for 12 months.
After 12 months, repayments will commence, and the loan will become a normal loan with standard interest rate (3% above base rate) repayable over 10 years.
If the church has no property assets to provide security, the loan rate would be increased by 2% (in line with the bridging loan rate).
Should an Emergency Loan be approved, the church will not be able to apply for a £10,000 Grant.
Larger loans will be considered, however, please note the following criteria for all applications:
Have paid 2020 Baptists Together subscription.
A decision in principle can be given when the church has only 2 months' expenditure available in cash reserves with payment being made when only 1 month's expenditure is available.
Have taken reasonable steps to reduce expenditure.
Have attempted to secure funds from all other sources; eg, Local authority, gifts from members etc (Self-certified).
Commended by local Association. (This will be initiated by the by the Baptist Union as part of the application process.)