Refinance Brings Mt. Zion UMC Comfort and Financial Freedom
Like many churches, Mt. Zion UMC in Marietta had experienced a decline in giving due to the recession. Fortunately, its leadership discovered the Georgia United Methodist Foundation Loan Fund offered a solution that eased its financial burden while providing a newfound sense of comfort and freedom.
“Many of our people are young families. But many of our people who are retired and on fixed income are the folks who got us where we are today. So here we were with a lovely building, a $3.3 million loan and a population that was less able to support that mortgage,” said former senior pastor Dr. Joe Peabody. “The church leadership began to ask, ‘Is there a better way? A lot of people are refinancing their homes, is it possible for us to refinance the church mortgage?’ When we got in touch with the Foundation, we discovered we could refinance our loan at a far better rate than we were able to get from the bank that was handling our financial affairs.”
“The Foundation understands church loans in ways that commercial bankers don’t. I found that they were not only very knowledgeable, but very professional and flexible,” said church treasurer Bob Irving. “The Foundation tailored a loan that met our objectives. We are set for a long period of time, and that gives us a great deal of comfort in the church.”
The monies formerly used to pay interest can now be channeled into programs that support Mt. Zion UMC’s mission of making disciples of Jesus Christ for the transformation of the world.
“I will retire in June. I am very glad that here at the end of my ministry, I leave the Mt. Zion church knowing that as it pays for this loan, it does so at the best rate possible,” Joe said. “I have no hesitancy saying to every Methodist church that they ought to take a long, hard look at the Foundation for financing major projects. They can expect to receive a loan discussion that will make them and their people happy as they move on about the work of the kingdom of God.”
This article was originally published in the Georgia United Methodist Foundation’s 2012 Annual Report.