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Loans Panel Aids 11 Projects

Episcopal News Service. July 23, 1981 [81210]

NEW YORK -- Eleven Church construction projects in Europe, Latin America and the United States have received more than $300,000 in loans from the Episcopal Church Executive Council Loans Committee since April.

The committee coordinates the General Loan Fund of the General Church Program and the United Thank Offering Loan Fund with the work of the Episcopal Church Building Fund and Episcopal Church Foundation.

At a mid-April meeting at the Episcopal Church Center, the Committee authorized three loans all to be repaid at the rate of four percent interest a year:

• $25,000 from the United Thank Offering Fund for day-care center and night school of San Juan Bautista parish in Guatemala contingent upon confirmation of financial projection.
• $17,000 to St. Michael's Parish, Diocese of Alabama, contingent upon assurance of other sources.
• $20,000 to the parish of St. Anne's, Diocese of Georgia, contingent upon a $25,000 loan from the Fund, a $10,000 loan from the Foundation and local funding.

The latter two loans were to be drawn from the General Loan Fund. In mid-June, the panel met again and authorized support to eight projects:

• $35,000 from the General Loan Fund to St. David's Parish, Diocese of New Jersey.
• $30,000 to the parish of St. Ambrose, Diocese of California, from the UTO Fund contingent upon a $15,000 Foundation Loan and previously approved loan of $30,000 from the Building Fund.
• $30,000 to St. Matthew's Parish, Diocese of Atlanta, from the General Loan Fund.
• $35,000 to St. Catherine's Church in the Diocese of Southwest Florida from the Loan Fund contingent upon assurance of other funding sources.
• $47,000 to build a diocesan center/bishop's residence in the Diocese of Northern Mexico to be drawn from the United Thank Offering fund.
• $40,000 for the same purpose and from the same source for the diocese of Paraguay contingent upon approval of the South American Missionary Society, U.K., of payback agreement.
• $10,000 to the Diocese of Guatemala for SS Peter and Paul parish, also from the United Thank Offering.
• $16,250 to the Church of the Incarnation, Diocese of Southeast Florida, from the General Loan Fund and contingent upon securing funding from other sources.

Committee policy is that all loans are made to the diocese or other Anglican structure for redirection to the local church.