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:
- 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!
- 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. Since January, 2018, though, we have begun to accelerate the payments, knowing that the sooner we pay off this loan, the sooner we can 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 Advocate’s 15th Anniversary celebration, September 21, 2018. This would result in $40,000 bringing us closer to paying off our entire debt!
This is, quite frankly, stunning.
As of June 28, we have raised $5000 toward that $20,000. We have $15,000 more to raise by September 21!
If you think you can help, checks should be designated for “Debt Relief” and written to The Episcopal Church of the Advocate (or ECOTA) and sent to 8410 Merin Road, Chapel Hill, NC, 27516.