Debt Relief in Sight!
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 loan was without interest for one year, then a 1.5% interest rate and interest-only payments for 4 years. After five years, the entire $180,000 is due. This is what could be called “a balloon loan”. It comes due early in 2018.
In 2016, the people of the Advocate received a challenge to raise $40,000 toward the retirement of this second debt. With significant stretch, Advocates stepped up. In November 2016 our $40,000 plus the challenge gift allowed us to pay of $80,000 of that $180,000 loan.
Then, in January 2017, the Advocate received a challenge to raise $30,000 from friends of the Advocate. Friends responded, and in September we paid another $60,000 of that loan.
Now, the loaner herself has offered to match $20,000 of the remaining $40,000, if we can raise another $20,000 in the months ahead.
Any gift given towards the Advocate’s debt retirement for the next $20,000, will be matched up to $20,000. This will pay off the loan.
- A $150,000 loan from the North Carolina Episcopal Church Foundation. This loan is being paid at 2% interest over 10 years. The 10% payment and the 2% interest have both been budgeted in the Advocate’s Annual Budget for the past 4.5 years. At the end of 2017, $82,000 will remain to be paid on this loan. At this rate, we could pay it off in 5.5 years, in June 2023. We would sure be glad to pay off this loan sooner and be able to use that $15,000 each year to augment our life and ministry instead.
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.