For a mission church, the financing of an initial building program is often a serious problem. In order to assist churches in obtaining loans for their building programs when secular channels may not be available or practical, the Northwest Baptist Home Mission established in 1958 what is known as the NORTHWEST BAPTIST REVOLVING FUND. The Board of Trustees of the mission has authorized the issuance of Revolving Fund promissory Notes as a continuing source of funds for church building loans, and are offered as the Mission shall determine at its discretion. No sales commission or brokerage fees are paid, and the Revolving Fund receives 100% of the proceeds. Investors may make loans to the Revolving Fund in units or multiplies of $500, and various repayment options are offered by the Fund. Each investor receives a promissory Note specifying the rate of interest and the terms of repayment. The Revolving Fund is a restricted fund that is administered separately from other operating and missionary support funds of the Mission. It is managed by the Business Manager of the Mission under the Revolving Fund Policy approved by the Board. No part of the net earnings of the Revolving Fund is for the benefit of any person, private stockholder or individual. However, upon approval by the Board of Trustees and the Finance Committee, the Revolving Fund may at times transfer surplus funds to the Mission General Fund, as long as such transfers do not reduce the net Fund Balance of the Revolving Fund below 11% of its total assets.
An Opportunity Of Faith
This offering Circular is directed to persons of our constituency who are members, contributors, participants or their relatives, who are interested in the purposes of the Northwest Baptist Home Mission and its Revolving Fund program. It is anticipated that those who purchase Revolving Fund notes do so primarily because of a desire to assist in the furtherance of the Lord’s work through the building of Baptist Network Northwest churches. Admittedly, there is an element of faith involved in the Revolving Fund program of making church building loans, especially to new mission churches. The ability of a local church to repay its loan will normally depend upon contributions it receives from its members. However before a loan is approved, the borrowing church must satisfy the Mission Board as to its ability to repay. It is the general policy of the Revolving Fund to require that each building loan be secured by a deed of trust or mortgage on the property of the borrowing church, and the church is required to keep in force at all times adequate hazard insurance to protect the loan interests of the Mission. Church loan repayments are made on a monthly schedule, and every effort is made by the Mission to assure that churches faithfully meet their loan obligations. However, in view of the relationship of the Mission to its borrowers, the Revolving Fund may at times be willing to accommodate late payments or a temporarily reduced payment schedule.There has never been a default or delay in payment of interest or principal. Since, 1958, many hundreds of investors have participated in this opportunity of FAITH, and have made possible over 12 million dollars in building loans to over 90 of our Northwest churches.
How You Can Invest in NW Churches and Church Planting
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