On Tuesday, March 31, CDF Capital offered in excess of $5.25 million in relief to more than 150 churches across the United States. With over $550 million in loans, every network church with a loan in good standing is eligible to receive payment deferrals in the form of six months interest-only or six months of payments reduced by 33%.
The Church Assistance Program (CAP-19) from CDF Capital, will enable any church with a current CDF Capital mortgage or construction loan to obtain penalty-free financial support in one of two ways: 6 months/interest only or six months of payments reduced by 33%. This unprecedented program during an unprecedented time is a first in CDF’s 67 year history.
The COVID-19 outbreak has left many Americans wondering how long they will have jobs, and be able to pay their bills. As a result, charitable giving is usually one of the things that people cut back on during a crisis. 58% of churches across the country reported a decrease in giving on March 15, 2020. About one-third of churches refrained from disclosing giving details, but the majority of churches experienced what they described as an “abnormal change” in their weekly offering.
Church giving decreased by an average of 13%. Churches that average below 500 in weekly attendance experienced a decrease of about 15%, while churches averaging over 2,000 reported a decrease of about 5%. Growing churches in the 1,000-1,999 range were hit the hardest, with an almost 22% decrease in weekly offerings. While this disruption will end, it has created a few turbulent months to navigate through.
Jonathan Hanson Lead Pastor of Rolling Hills Christian Church shares, “Amidst this challenging time while people are making cuts to their budget and laying off employees, CDF Capital has provided churches like us with hope. We will not only be able to continue our efforts as a church, but we will also be able to serve our surrounding community during this challenging season.”
The only requirement for CDF Capital’s borrowing churches to participate in CAP-19 is that they must complete and submit a CAP-19 Financial Contingency Plan that describes the impact of COVID-19 on their congregation, as well as how they plan to respond. Churches participating in the assistance program will begin to see relief starting with their May payments.
“This is not a time for the church to retreat, it is a time for the church to advance. And we intend to help them do that. As the world adjusts to the spread of COVID-19 and Americans adjust to the realities of social distancing, the need for the church and for spiritual strength is magnified. Our commitment is to provide transformational capital to churches because our mission is to help churches grow.” – Dusty Rubeck, President, CDF Capital
During this time of crisis nationwide and around the globe, CDF Capital is encouraging individuals who are in a position to help churches, to do so directly through their local churches. CDF Capital is also asking everyone to join them in praying for the church and government leaders as they navigate COVID-19.
For more information about the CAP-19 program and ways which you can be involved, please visit: www.cdfcapital.org/cap-19/
About CDF Capital
CDF Capital was founded in 1953 with a single mission to help churches grow. Thanks to the thousands of individuals who have invested millions into our mission, CDF Capital is a national ministry with more than $600 million in total assets.
(SOURCE: CDF Capital via Christian Newswire)