7 Tips for a Smoother Loan Process

Do you know where your ministry keeps important documents? Before you apply for a loan, having these documents in one place will help ensure a smoother loan application process. Your lender will need the following information to be able to underwrite a loan:

1. Management Structure
Lenders will want to know about your ministry’s management and structure. Who holds the authority in your ministry? What accountability and controls does your ministry have? Your ministry should have a written summary including the following information:

  • Management structure. Explain who is in charge of the ministry. Is there a board of directors or other governing body?
  • Management accountability. Explain the ministry’s financial controls. Who makes the major decisions? Who is that person accountable to?
  • Resumes or biography for each executive staff member
  • Succession plan
  • Historical milestones
Read Article!
Save More. Serve More! Low-Rate Church Loans!
New Ministry Welcome Certificate 4.50%
Need Money for your Ministry? Free Donation Program available!
Follow Us:
American Share Insurance