American Baptist Churches of Indiana and Kentucky
1350 N. Delaware St. 
Indianapolis, IN 46202-2493 

Historically, the fund was established to aid congregations with their church buildings. These funds are intended for smaller projects or as seed money to get a larger project underway. The funds may be used for church buildings, education buildings and in 1994 was extended to parsonages. It is intended to be a service and a ministry of The American Baptist Churches of Indiana and Kentucky. The funds have accumulated over the years through specific bequests and excess operating funds from quite a few years back. The initial source of some of these funds has been United Mission dollars. 

The loans are available to member churches in good standing throughout both the Indiana-Kentucky and Greater Indianapolis Regions. The maximum loan to any church is $20,000, and this may be repaid as rapidly as the church desires. Required payments are $12.50 per $1,000 per month. (i.e. a loan of $10,000 would have a payment of $125.00 per month, $20,000 loan would be $250.00 per month). A monthly payment is required even though larger payments may have been made in prior months. Early payment is certainly encouraged to allow funds to be available for future needs and to assist the church in completing its projects. The interest rate is set by the ABC/IN-KY Finance Committee and is reviewed annually. The current interest rate is 7%. Interest is computed on a monthly basis. An amortization table is provided and updated as necessitated by additional payments. The required amount of payment will remain the same over the life of the loan. By making scheduled payments only the life of the loan is 108 months. 

Attorney, legal and recording fees will be $100 and are the responsibility of the borrower and will be deducted from the net proceeds of the loan check. If your church desires an Edifice loan, please complete the application attached and submit along with the required documents. Requests are considered in the order received. Sometimes it is necessary that churches wait until we have enough funds on hand. When your application is received, we will follow the procedure as outlined below. For further information, please feel free to contact:

PROCEDURE FOR OBTAINING AN EDIFICE LOAN

  1. Complete an application form and forward it to the Region Mission and Resource Center with all required attachments. 
  2. Upon receipt of the application the loan request will be taken to the next scheduled meeting of either the Region Board, Executive Committee or Finance Committee for approval. 
  3. Upon approval, our attorney will prepare 1.) a Promissory Note and 2.) a Mortgage. These will then be forwarded to the church for signatures. These documents must be notarized.
  4. When signed, notarized note and mortgage are returned to the Region office, the Executive Minister will sign ABC/IN's copies, return one copy, an amortization schedule and the check to the Church. 
  5. The Mortgage will then be filed with the County Clerk in the county in which the Church is located. 
  6. Payments will be due on the 15th of the month, commencing the month following receipt of the check. 
  7. After full payment of the loan has been completed, the note and mortgage will be stamped "PAID" and returned to the Church. A Satisfaction of Mortgage will be filed with the County Clerk. 

NOTE: There is a provision in the Promissory Note providing for a 2% late charge. 

The Mortgage provides that the terms of the Mortgage will be in default in the event, "Borrower fails to maintain its affiliation with the American Baptist Churches USA and/or The American Baptist Churches of Indiana and Kentucky.

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Questions? Comments?  Contact us at abcin@abc-indiana.org 
1350 N. Delaware St., Indianapolis, Indiana  46202-2493
Ph (317) 635-3552/FAX (317) 635-3554
This page was last updated on February 18, 2008