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Small Project Loans Program

Purpose

The small project loan program began in January 2009. 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:

  • Elevators, stair lifts and accessibility ramps
  • High quality sound systems
  • Kitchen upgrades
  • Exterior signage
  • Driveway/parking lot paving and lighting
  • Interior wall construction and/or demolition of walls
  • Electrical wiring, plumbing, and fire protection upgrades
  • Floor coverings/carpeting installations and mildew removal
  • Safe playground equipment
  • Energy efficient windows, doors, furnaces, and low flow toilets
  • Brick tuck-pointing
  • Emergency roof repairs
  • Solar Panel Installation

Program Administration

The Unitarian Universalist Association (UUA) Director of the Congregational Stewardship Network and the UUA Treasurer administer the program.

Application Fee

There is a $250 application fee.

Eligible Borrowers

  • Must be an Annual Program Fund Fair Share congregation at both the district and national levels
  • Must have total annual debt service that does not exceed 25 percent of annual income
  • Must have had a balanced budget for the previous year as well as for the current year
  • Must meet a minimum level of property and liability insurance (see APPENDIX B)
  • Must have a congregational vote to accept a loan (see APPENDIX C)

Term

The term of the loan will be from three to seven years.

Loan Amount

The minimum loan is $15,000 and the maximum loan is $100,000 but must not exceed three-times annual financial commitments from congregants.

Interest Rate

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.)

Down Payment

A congregation must pay 15 percent of the project costs before a small project loan can be approved.

Example

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:

  • The loan term is 7 years
  • The loan amount is $40,000
  • Total loan payments are $52,370
  • Monthly loan payments to the UUA are $623

Annual payments to the 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 Wednesday, April 23, 2014.

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