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Small Project Loans Program
The purpose of the program is to provide financing for relatively inexpensive projects in three broad categories: congregational mission, environmental stewardship, and critical/emergency.
Projects may include, but are not limited to:
- Elevators, stair lifts and accessibility ramps
- High quality sound systems
- Kitchen upgrades
- Exterior signage
- Driveway/parking lot paving and lighting
- Interior wall construction and/or demolition of walls
- Electrical wiring, plumbing, and fire protection upgrades
- Floor coverings/carpeting installations and mildew removal
- Safe playground equipment
- Energy efficient windows, doors, furnaces, and low flow toilets
- Brick tuck-pointing
- Emergency roof repairs
- Solar Panel Installation
There is a $250 application fee.
- Must be an Annual Program Fund Fair Share congregation at both the district and national levels
- Must have total annual debt service that does not exceed 25 percent of annual income
- Must have had a balanced budget for the previous year as well as for the current year
- Must meet a minimum level of property and liability insurance (see APPENDIX B)
- Must have a congregational vote to accept a loan (see APPENDIX C)
The term of the loan will be from three to seven years.
The minimum loan is $15,000 and the maximum loan is $100,000 but must not exceed three-times annual financial commitments from congregants.
The interest rate is based upon the United States seven-year treasuries plus 3 percent. (Visit Selected Interest Rates (Weekly)—H.15 for current interest rate.)
A congregation must pay 15 percent of the project costs before a small project loan can be approved.
Imagine a congregation with 100 members and an annual budget of $100,000. Part of the sanctuary roof begins leaking and the problem must be addressed immediately. The estimated cost is $47,060. The congregation pays the first 15 percent ($7,060 and borrows $40,000 from the UUA at an interest rate of 7 percent. Here are the details:
- The loan term is 7 years
- The loan amount is $40,000
- Total loan payments are $52,370
- Monthly loan payments to the UUA are $623
Annual payments to the Unitarian Universalist Association (UUA) are $7,481.