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The purpose of the program is to provide financing for relatively inexpensive projects in three broad categories: congregational mission, environmental stewardship, and critical/emergency.
Projects may include, but are not limited to:
There is a $250 application fee.
The term of the loan will be from three to seven years.
The minimum loan is $15,000 and the maximum loan is $100,000 but must not exceed three-times annual financial commitments from congregants.
The interest rate is based upon the United States seven-year treasuries plus 3 percent. (Visit Selected Interest Rates (Weekly)—H.15 for current interest rate.)
A congregation must pay 15 percent of the project costs before a small project loan can be approved.
Imagine a congregation with 100 members and an annual budget of $100,000. Part of the sanctuary roof begins leaking and the problem must be addressed immediately. The estimated cost is $47,060. The congregation pays the first 15 percent ($7,060 and borrows $40,000 from the UUA at an interest rate of 7 percent. Here are the details:
Annual payments to the Unitarian Universalist Association (UUA) are $7,481.
For more information contact congstewardship @ uua.org.
This work is made possible by the generosity of individual donors and congregations.
Please consider making a donation today.
Last updated on Thursday, October 16, 2014.
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