The story of Advocate Loans and Debt
In 2013, The Advocate was at the peak of our campaign to worship on the land. We had raised the funds to buy the land and to move what would become The Advocate Chapel, and we still needed to restore the chapel and to get the site up to code for use by a church (parking lot, sewer, pond repair, etc. etc.). We had raised a lot of money (over $1.7 million), but not enough. So we took out two loans
First, a $180,000 loan from an anonymous individual loaner. This is the loan that we paid off in January 2018, after a lot of hard work and generosity from Advocates and friends, including a final $20,000 from the loaner!
Second, a $150,000 loan from the North Carolina Episcopal Church Foundation. This loan was taken out in 2013, to be paid at 2% interest over 10 years, ending in 2023.
For 5 years, the $15,000 a year and the 2% interest were budgeted in the Advocate’s Annual Budget. In January, 2018, though, we began to accelerate the payments, knowing that the sooner we paid off this loan, the sooner we could use that $15,000 a year to augment our life and ministry instead.
When we had $50,000 left to go, a generous friend offered to match any gift given, up to $20,000, in time for the 15th Anniversary of the Advocate’s launch on September 21, 2018, bringing us within $10,000 of our final goal. And we did it!
But we still had $10,000 to go …
In the days that followed, enthusiastic support kept coming in. It was amazing. And sure enough, by the time of our official 15th Anniversary Celebration, October 21, the final $10,000 was in.
The Church of the Advocate is now DEBT-FREE!
This is, quite frankly, stunning.