The Session committed to providing regular updates on the financial progress for our Growing in Faith Campaign during our congregational meeting. This is the first such report. We will continue to update you on a regular basis.
The total contributions received through March were $3,503,768. This includes both pledged and non-pledged giving. Pledge giving totaled $2,644,451 of the $7,647,951 pledged, with an additional $859,317 of non-pledged giving. Praise God for these gifts. We continue to receive new pledges ($20,000 in March). We encourage anyone who has not pledged and feels led to do so to please contact David Carson. Total building expenses through March were $659,624, which were non-direct construction expenses such as architectural, project management, campaign assistance etc. We thank you for your generous support. Please continue to pray for the build team as we near the exciting start of this important time in the life of Bethel.
After prayerful consideration and healthy debate, the Session has voted to use Wesleyan Impact Partners, a non-traditional loan partner. Wesleyan is a not-for-profit institution that lends money to churches and other non-profits as they expand their missions to serve the Lord. Any income that they receive from interest charged goes right back into providing loans for other churches. As a result of being a not-for-profit lender, they are able to offer more competitive rates and other terms that are more favorable than traditional commercial banks.
Since we have cash on hand to pay for phase one, we will not be finalizing a loan until late 2026 or early 2027 as we begin phase two. As a result, we cannot tell you exactly what the loan percentage will be, but we are confident that it will be favorable to Bethel. As part of their offer, we have to potential to pay interest only for up to six years if that is needed.
Another unique aspect of Wesleyan’s offer is that if we deposit our pledge money with them, they will reduce our interest rate commensurate with the amount we deposit at loan closing. If we are able to deposit $2 million at the time of closing, our loan interest rate would be reduced by one full percentage point. This will result in monthly interest savings between $5,000 and $7,000 per month. As of today, taking into account the estimated cost of phase one, we have roughly $1 million that would be available to deposit. So, for those who have pledged and are able to contribute towards those pledges between now and the end of this year, that will only enhance our ability to reduce our interest rate and ultimately reduce the overall cost of this important project.
Thank you again for your generous giving to date. We expect to provide financial updates every two months or so unless the situation requires more frequent updates.
