Loans of less than $150,000 will be reviewed and approved by the foundation’s president typically within several days. Loans of between $150,000 and $1.5 million will be reviewed and approved by the loan committee. This process may take up to a week. All other loans will be reviewed and approved by the board of directors either during a quarterly meeting or by email if less than $3.5 million and by conference call if $3.5 million or more. This process may take several weeks.

Once approved, a commitment letter and other materials will be mailed to the church explaining the conditions under which the loan has been approved.

The trustees chairperson and pastor must sign the commitment letter and return it to the foundation offices.

Once the commitment letter is received, the foundation’s attorney will prepare the appropriate loan documents and contact the designated representative at the church to schedule the loan closing.

The loan will be closed in a manner acceptable to the church and the foundation, usually by mail. Loan proceeds will be wired upon receipt of the signed loan documents.

The process typically takes about 30 days from the time the completed application is received at the foundation’s offices to the loan closing. Borrowers should contact Andy Craske if funds are needed more immediately.