Conference Involvement in the Loan Process
Are ministries in your conference ready to grow and looking to finance their project, expansion, renovation, or equipment purchase? CURF is here to help.
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Loan Application Process
Loan applications must be completed by the applying entity and approved by the conference before submitting to CURF.
Interest Rates And Loan Repayment
Once your entity starts drawing or receives the full amount of their loan, it will start accruing interest.
Things To Know Prior To Loan Approval
Get a head start on your loan approval process by learning the top things to know prior to approving a loan application.
Applying for CURF Loans
The Columbia Union Revolving Fund (CURF) lends money to Adventist churches, schools, and other eligible institutions in the Columbia Union for use in growing ministry. We are able to provide loans at comparable interest rates. If you need help financing the growth of ministry in your conference, CURF is here to help.
Entities interested in getting a CURF loan and becoming borrowers must apply through their local conference. If the conference approves the loan application, the conference then submits the application to CURF. If CURF approves the loan, borrowers can then use the proceeds to build, acquire, renovate and improve capital projects.
Interest Rates & Loan Payments
CURF will send money to the Borrower according to the Draw Schedule as outlined on the application. Loan amounts less than or equal to $25,000 must be drawn in full. For loans in excess of $25,000, draws must be rounded to the nearest $1,000 with a minimum of $10,000 per draw. Once a loan is voted and approved by CURF, the first draw of funds must take place within 12 months of being voted on or the loan will be cancelled.
Funds can either be sent by mailed check or wire transfer to a bank account as specified in the application. Wire transfers require an additional $12 processing fee for each transfer.
Loan interest is charged monthly at a variable rate, currently 4.25% per year. The interest rate is variable and can be adjusted quarterly by the CURF Board. Interest rates are non-negotiable. Anytime the CURF Board changes the interest rates, your payment amount will not change, but the length of the loan will be extended.
Borrowers receive monthly statements at the beginning of each month identifying the amount due. Payments are due on the first of each month.
Once you have drawn and received the full amount of your loan, your first payment, principal and interest, will be due the first day of the following month. Your loan Promissory Note and Guarantee specify the amount of and schedule for repayment.
You can pay more than the monthly amount due shown on your statement in order to pay off your loan faster. CURF will apply extra payments to both the loan interest and principal, which will reduce the amount of interest accrued that you will need to pay on your loan overall. Making timely and early payments can also reduce the amount of interest you will need to pay over the course of your loan.
If an entity in your conference has any loans 60 days past due, you will be notified via email from a CURF team member. If payment is not received by the 10th of the month, CURF will request the payment be deducted from the conference’s Monthly Appropriation (special assistance account). The conference treasurer will be notified if this action is taken. The Columbia Union will communicate with the local conference regarding the appropriation deduction
If, after CURF has been paid from the conference’s Monthly Appropriation (special assistance account), a payment is received from the local entity or the conference to catch up on their past due payments, CURF will refund the conference’s Monthly Appropriation (special assistance account) if their account is no longer past due.
Things to Know Prior to Loan Approval
- Loans that do not meet policy will not be approved or must be placed in the name of the conference, no exceptions.
- Local conferences can receive a loan of up to 100% of the project cost.
- Academies can receive a loan of up to 50% of the project cost.
- The Hazardous Waste policy MUST be completed for any new property purchase (building and/or land).
- All vehicle purchases must be compliant with the NAD Policy S 60 31
In the interest of safety, denominational organizations shall not purchase, lease, rent, or use fifteen-passenger vans or modified fifteen-passenger vans for sponsored activities under any circumstances. Alternatives to fifteen-passenger vans include minivans and SUVs, mini-school busses, fifteen-passenger buses with dual rear wheels. (NAD policy S 60 31)
- Loans can only be refinanced twice over five years and three times over the life of the loan.
- Bridge Loans that are longer than 36 months (3 years) must be converted into a loan.
- The loan draw schedule can be changed up to 5 times during the life of the loan.
- If a loan has not been drawn on within 12 months of the first draw, then a written explanation is required or else the remaining amount of the loan will be canceled.
Phase 1: Conference Approval
Once your local entity’s board has voted to apply for a loan, they will download the CURF Loan Application and completely fill out all sections of the application including the required signatures. They will then email their filled out CURF Loan Application to their local conference treasurer or designated individual.
Once you receive the Loan Application, review it thoroughly and make sure:
a. All necessary items are filled out
b. All numbers on the applications add up correctly
c. All necessary signatures are obtained
If any of these criteria are not met, review with the applying entity until all necessary sections are completed.
Once the application is completed, your conference designated committee (some examples are executive committee or association committee) should vote on whether or not to approve this application for submission.
If your committee votes yes to approve this application, then have your designated conference employee complete the Conference Approval Form.
Phase 2: CURF Approval
CURF will complete a two-person review of the Loan Application and Conference Approval Sheet. If something is missing, CURF will flag it and email it back to the local conference to fix. This step in the process may take some time depending on the number of items that need correcting or how many questions CURF may have.
Once the Loan Application and Conference Approval Sheet are officially complete, it will move to the voting process where the designated CURF committee will vote to approve or deny the loan request.
- Voting Process
- Requests for loans under $200,000 will be voted by CURF Management, which is comprised of the CURF Secretary/Treasurer and the two Assistant Treasurers.
- Requests for loans above $200,000 up to $500,000 will be voted by the Loan Committee, which is comprised of the CURF Secretary/Treasurer and the two Assistant Treasurers, Union Officers and the Undertreasurer.
- Requests for loans for more than $500,000 (or special requirement loans) will be voted on by the CURF Board.
If the loan request is approved, CURF will email a Promissory Note to the applicant and a Guarantee document to you, the applicant’s conference. These documents must be reviewed, signed, and then notarized.
You can send CURF copies of these through fax or scanned email attachment to move the process forward faster, but the original documents must be mailed.
a. Fax: 301.596.6781
b. Scan and Email: firstname.lastname@example.org
c. Copy and mail:
Columbia Union Revolving Fund
5427 Twin Knolls Road
Columbia, MD 21045
Once CURF receives both the Promissory Note and the Guarantee signed and notarized, CURF will send money to the Borrower according to the Draw Schedule as outlined on the application. Funds can be sent by either mailed check or wire transfer to a bank account as specified in the application. Wire transfers require an additional $12 processing fee for each transfer.
Not a Borrower Yet?
Is your ministry ready to grow but held back by a lack of funds? CURF is here to help.
Is your ministry ready for a new home? Does your ministry need some renovations? Are you looking to grow your ministry with some new equipment? CURF is here to help with Entity Loans available to churches and other eligible non-education entities in the Columbia Union.
Do you have dreams of growing your ministry, but are being held back by a lack of funds? CURF is here to help with Institutional Loans available to eligible conferences, academies, church schools, colleges and universities affiliated with the Columbia Union.
Are you wanting to purchase a new vehicle but don’t yet have the funds? Is your ministry looking to buy a van to pick-up church members on Sabbath mornings? Are you wanting to reach your community by transporting meals to those in need, but first you need a vehicle? CURF is here to help.