Church Financing 101: Getting A Church Loan
Post on 03,August 2020   5:51 PM
By - PolyEyes Staff
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If you are a new pastor, you probably do not want to be part of your ministry's business side. You can always hire a business administrator to do everything related to money matters. These include auditing, budgeting, accounting, and regular reporting of finances. But you need to remember that financing is an important part of your ministry. And with a new congregation and venue, you might not have enough funds to hire one. There will come a time when you may need to get church loans depending on your community's size and needs. 

No two loans are alike. You may be thinking of expanding your physical venue for your ever-growing congregation. But you have to remember that what works for homes may not necessarily work for church loans. You need to consider a couple of factors before you decide to scout for one.

Space considerations

The idea of a church loan usually stems from a growing number of parishioners. You should be able to get an indication of an approximate attendance based on how long your church has been in existence. A three-year headcount will suggest a feasible percentage of churchgoer-growth. More than that, and you need to consider that your parishioners have growing families who will also go to your church. So, if you have between ten to fifteen percent of new attendees, you should go for a safe bet. It is best to look for property that seats around twenty to twenty-five percent of your weekly attendance. 

The loan payment amount should be budget-based

Your church has other expenses aside from your loan. And while prayer certainly helps, you should also be realistic and practical. Your ministry possibly has monthly missions, operations, bills, and salaried staff. So you should be aware of how much of your church budget goes into your mortgage because you have other overheads to think about. 

Choose your lender carefully

Lenders will not lend money just because you have a church. Most of the time, they will turn down small churches because of the uncertainty of their financial capabilities. And if they do allow you to do so, some will even tempt you to incur more debt for their benefit and not for yours. 

Therefore, it is best to go with a financial institution that deals with church loans. These organizations understand how the ministry works, so they often have specialized programs specifically designed to grow the church. Their analysts expertly review your financial structure to ensure that you go through a loan process that will not burden you and your congregation. 

Get congregational approval first

Financial stewardship will always be a part of the duties and responsibilities of a minister. A big portion of the budget comes from the offerings and tithes of the churchgoers. So, in a way, it is their money as well. It is the reason why it is best to consult with your parishioners first before deciding on monumental decisions such as collective church debt concerning congregational growth. They always deserve to know what is going on with their pastor and the church in general.

Remember that a newly renovated building does not generate more churchgoers. As a pastor, you must ensure that your parishioners' growth is equivalent to the size of your church.


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