The Baptist Convention of Iowa Loan Fund was begun in October 1969 by gifts in memorial to Rev. Avery Wooderson, who served as the first Superintendent of Missions in Iowa.
Eligibility
Any church, mission, or church plant affiliated with the Convention may make application and be given consideration for loans. Should a church, mission, or church plant withdraw from the Convention, the loan will become due and payable immediately. All loans must be approved by the Baptist foundation committee.
Guidelines
- Term of Loan: Five years maximum
- Interest Rate: Local prime rate at time of approval of loan
- Repayment: Loan is payable in equal monthly installments. First payment is due sixty days after loan closing. Loan may be paid off in part or in full at any time without penalty.
Application Process
- Complete the online application
- Provide the following materials
- Copy of church budget for current year.
- Copy of projected church budget for following year.
- Copies of church treasurer’s report for the past 12 months.
- Cost breakdown of the project.
- Copy of the building contract or contractor’s bid (new building construction only)
- Explanation of cost of proposed renovations (remodeling existing building or purchase of existing building requiring renovations)
These items may be either:
- Sent electronically to: bthies@bciowa.org
- Faxed to: 515-278-0875
- Mailed to:
Baptist Convention of Iowa
2400 86th Street, Ste 27
Des Moines, IA 50322
Apply for Loan
