About ECCT’s Revolving Loan Fund
The Missionary Society of the Episcopal Church in Connecticut makes available to parishes in Good Standing, loans of up to 80% of the total cost of a proposed project, up to $100,000. Parishes are eligible to receive only one revolving loan at a time. All loans bear interest at rates set by the Finance Committee, reflecting economic conditions at the time the completed loan application has been received. The interest rate is currently 3.5%. An additional late fee will be applied to loan payments 30 days past due, based on an amount determined by the Finance Committee and documented on the original loan note. The additional late fee is 1.5% of the past due amount per month as of 2020.
Once received, applications are reviewed by ECCT’s Finance Committee and recommendations on loan amounts made to Mission Council based on availability of funds and number of requesting parishes. Mission Council will then vote on the loan as recommended by the Finance Committee.
Loans will NOT be granted for the purposes listed below:
- To support parish operations, salaries/benefits, or normal maintenance.
- To purchase or repair stained glass windows, pipe organs, musical instruments, or decorative items.
- To purchase, repair, or maintain any facility for which the parish receives rental income/space usage fees from ‘for profit’ organizations.
- To fund ministry programs.
- To purchase a motor vehicle.
- To make loans to individuals.
- To acquire real-estate or other real property.
Note: Parishes with a loan in default over 180 days may be required to repay the outstanding balance of their loan in full within a 180 day period and may be subject to the provisions of ECCT Canon 1.11.C.
Revolving Loan Fund applications are accepted via the online form year-round and approved quarterly.
Hard copy or email submissions will not be considered.