Baptist Building Fund raises loan threshold
A loan fund which has been serving Baptists for nearly two centuries has increased the maximum amount churches can borrow
The Baptist Building Fund (BBF) provides interest-free loans to Baptist churches seeking to renovate, extend or purchase new property. Loans are payable over ten years by half yearly installments.
Previously the largest amount a church could borrow was £100,000. This has now been increased to £150,000.
The fund was originally established by a group of Baptist ministers in London in 1824 and continues to help Baptists across the UK in their task of advancing the Christian faith.
A recent recipient of a BBF loan is the Lighthouse Community Church in Sheringham, Norfolk. Formerly Sheringham Baptist Church and based in a cramped and dated building, members embarked on a building project when a care home in the centre of the town became available in 2009.
A BBF loan was one tranche of funding that helped make the project happen. After moving into the striking new building – simply called Lighthouse – in September 2013, the church subsequently reported that its activities had been “thriving” and that it had seen “significant growth in all areas of church life”.
As well as helping churches purchase new buildings, BBF typically makes loans for repairs and renovations to existing church buildings, including updating heating systems and conversion to 'Greener' energy; or extensions to existing buildings.
At the end of the repayment period churches are asked to make a thank-offering to the Fund, to cover administration costs and to increase the Fund so that more Churches can be helped with loans.
Loans are available to Baptist Churches affiliated to any Baptist Union, the Grace Baptist Trust Corporation, or totally Independent Baptist Churches. The Fund is independent of the Baptist Unions in the British Isles, but seeks to co-operate with them.
Baptist Times, 17/02/2015