The Diocese offers Sibley loans for major repairs & capital improvements to our churches and rectories, dependent upon Diocesan funding capacity.
Loans are up to $50,000, at a fixed interest rate, for terms of up to 10 years - depending on parish resources, plans & ability to repay the loan.
Current interest rates are:
|Loan Amount||Term||Annual Rate|
|Up to $50,000||Up to 5 years||3.5%|
|Up to $50,000||Up to 10 years||4.0%|
Applying for these loans is a two-step process:
- The parish must first obtain “approval to borrow” (regardless of the lender) from Standing Committee & the Bishop.
- If approved, then the parish can request the Trustees of the Diocese to approve funding of a Sibley loan, as described above.
If Trustees approve funding of a Sibley loan:
The parish will receive an authorization letter approving funding for the loan
The parish must sign and return the letter to the Diocesan Accountant to request disbursement of funds
- Upon receipt of funds, the parish must sign and return the “acknowledgment of receipt and promise to repay” form sent with the check.
The Standing Committee generally meets once per month (Check the Diocesan Calendar for the next meeting date). The Rector and/or a representative of the Vestry need to be present at the meeting to review the request and answer any questions of the Committee. The following documents must be submitted to the Chief Financial Missioner, and available to the Committee at least one week before the meeting:
- Form requesting approval to borrow funds
- 2-3 quotes from licensed, bonded contractors
- budget projection that shows the impact of the loan repayment on parish cash flow and investments over the next 5 years
Rectors should contact the Chief Financial Officer for questions or further detail.