Synod Foundation Offering Churches 1% Interest Rate Loans for Tropical Storm Ida Repairs
The Board of Directors of the Synod Foundation, as part of its ministry, wishes to assist churches within the Regional Synod of the Mid-Atlantics who have sustained damage from tropical storm Ida. The Synod Foundation is offering 1.0% interest loans for churches that have experienced flood and/or wind damage from tropical storm Ida. This very low interest loan is restricted to repair damage to the church building or equipment (may be used to replacement equipment if the equipment is irreparable). The expectation is that the loan can be arranged in a few days so that cleanup and needed repairs may begin before mold and water can do additional damage. When insurance and other resources have been determined, the loan is expected to be repaid. Thus, by getting the repairs done quickly, the church will be able to move forward with its ministry of proclaiming the Word.
Loan applications can be downloaded from the Regional Synod website at http://regionalsynod.squarespace.com/synod-foundation. If you have questions please contact Jim Thompson at jwthompsonnj@gmail.com, 973-571-0630, or the synod office.
The loan procedure is straightforward:
1. Complete a loan application and detail damage from tropical storm Ida that is going to be repaired. The application can be found online at: http://regionalsynod.squarespace.com/synod-foundation
2. Submit the application and damage list to the Synod Foundation AND your classis for simultaneous review.
3. Upon classis becoming a co-signer and approval of the Synod Foundation Trustees, a Promissory Note (I promise to pay…) will be issued.
4. Upon the signature of the Promissory Note by the president of the church and classis, a check will be written.
The Synod Foundation does much of its work electronically, so approval may happen within a day or two from receipt of a completed application.
The Synod Foundation, a subsidiary corporation of the Regional Synod of the Mid-Atlantics, offers low cost loans to churches within the Regional Synod for maintaining church infrastructure, making the church handicap accessible, and church structural modification to make the building more users friendly. For more information, contact one of the above.