When applying for a church loan, you should consider what your potential lender will require. The basic requirements are simple, but you should be prepared to provide personal guarantees. Banks and other lenders will not be too friendly toward new churches because every one of them carries some risk. The more detailed your financial application, the more likely you will qualify and get the best interest rate. Then, pray for wisdom and discernment in planning for your new building.
Church loans can be used for several purposes. First, a church can buy an existing worship facility or renovate an existing facility. A church can also use a loan to open a new ministry project or manage a new one. Typically, the loans are for up to 20 years. However, some churches cannot pay off their debts for as long as they want. If your church is a growing congregation, a church loan can help you reach your financial goals.