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Church Loan Application Process: Steps and Requirements

Learn how to prepare financial statements, estimate borrowing capacity, understand loan terms, and complete the application process for obtaining a church loan.

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Church Loan Application Process: Steps and Requirements

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  1. how to get a church loan

  2. STEP 1 . Prepare the church’s financial statements. (Three year history is good) Balance Sheet Income Statement

  3. STEP 2 • Identify how much money the church can afford to borrow. After an analysis of the income statement, you can estimate how much money the church has to repay the loan. Use conservative estimates to account for fluctuations in church budget offerings and other revenues. If you are a building a church or purchasing an existing church, factor in utilities and insurance. If just land, factor in taxes.

  4. STEP 3 • Revolving Fund Loan terms, limits and requirements Four times the Tithe (based on previous year’s tithe Savings – 35% of the project total Interest rate – 5.5% Number of Years Limit – 20 Church Board and Business Meeting Minutes Membership History Church Remittance Reporting history Church Insurance payment history Exisiting loan payment history Other sources of Income Must be voted by the Finance, Executive and Union Committees

  5. STEP 4 Complete Revolving Loan Application Church Treasurer and Pastor Must sign

  6. Step 5 Send Application form to Conference Treasurer Conference Treasurer will check and sign application and send to Union Treasurer

  7. Step 6 • Union Treasurer will send a loan release form to the pastor to sign. After release form is received, loan amount will be released according to the agreed terms.

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