ECF Revolving Loan Fund Marks 20 Years, 211 Parishes Aided
Diocesan Press Service. July 20, 1972 [72092]
NEW YORK, N.Y. (DPS) -- The Revolving Loan Fund of The Episcopal Church Foundation has aided in the construction and renovation of 211 parish and mission church buildings in 39 states and two foreign countries since it was established 20 years ago.
These results were disclosed by Henry S. Noble, Foundation president, in observance of the anniversary. He said that in the two decades, $4,233,825 had been advanced to complete construction projects such as churches, rectories and parish halls, and that the loss factor on the loans was zero.
He explained that the loans are interest-free and repayable in ten annual, equal installments with a 1 per cent service charge on the unpaid balance.
"These payments are used for new loans to other parishes, so that the Fund's capital is in constant, productive motion," Mr. Noble said.
The Episcopal Church Foundation is an independent national organization of laymen and women that initiates and underwrites projects in support of the work of the Church. Among its many activities are its Graduate Fellowship Program, in which scholarships are awarded for doctoral study to qualified young clergymen; the underwriting of the Pusey Report on theological education and subsequent support of the Board for Theological Education, and the startup grant for the Clergy Deployment Office, which is assisting bishops and vestries in clergy placement.