The Jacksonville Baptist Association (JBA)doing business as First Coast Churches is pleased to announce a micro loan initiative that will be managed by the Equip Team and supported as needed by the FCC/JBA Staff Team.
The Equip Team will receive micro loan applications for consideration from JBA/FCC member churches that presently give to and are in good standing with the Cooperative Program and the Association.
As Jacksonville Baptist Association/First Coast Churches is not a bank or a lending institution, micro loans will not be administered as a source of revenues and as such will have simple loan terms:
$5,000 – minimum loan amount
$30,000 – maximum loan amount
5.00% – interest rate, compounded simply
5 years – maximum repayment period with equal monthly payments – any and all additional payments, up to payoff, will be accepted without penalty
Properly authorized Corporate Officers of the borrowing church must sign a detailed Promissory Note for approved micro loans.
Micro loan requests from churches must be approved in an official business meeting of the requesting church.
The church will submit the business meeting approval for the loan request along with a completed application.
The application will gather church information; the amount, or range, of the loan being requested; purpose of the loan; repayment plan and repayment means; budget for current year; and financial statements for the previous two years
A signed acknowledgement that submission of the micro loan request and application is not a guarantee of approval by the Association.
