5 . Don ’ t overpay
When costs climb and exceed the original project budget , it ’ s tempting to finance that gap . But before you take on debt , take a pause . When faced with having to pare back their project to stay within budget , it ’ s common for many people to focus on their desire rather than their vision . But additional debt may impact your operational budget for years to come , so plan carefully to ensure your level of long-term debt is sustainable .
6 . Communicate clearly
Economic factors such as inflation aren ’ t in your control , but how you communicate is . Building a new facility is a dynamic situation with many moving parts and requires clear and frequent communication . Several years ago , a church had a capital campaign to fund a project . The church set a goal of reaching $ 15 million in pledges and stated that if they didn ’ t reach this number , they wouldn ’ t proceed with the project . The church only received $ 14.5 million in pledges . It didn ’ t meet their objectives , so the elders honored their original commitment and released everyone from their pledges . The church then adjusted the budget for the project , communicated the changes to the congregation and was able to successfully complete the project .
7 . Consider the long-term impact
Have you ever remembered a situation that you thought was very important at the time , only to realize as you look back that it wasn ’ t as critical as you originally thought ? Although the reality of any expansion project may result in temporary challenges such as delays , they ’ ll pale in comparison to the pains of financing something for years to come that your church can ’ t afford or leads the congregation to a sense of false hope .
8 . Leave room for God to show up
How do you underwrite faith ? In reality , you don ’ t . Lenders base their decisions on a ministry ’ s historical financial condition . Even those specializing in church financing base their loans on a church ’ s borrowing capacity . Your expansion plans should reflect the current financial reality of the ministry . Let God lift you up , at the right time , for the right purpose .
Call 800-984-9425 or visit thriventchurchloans . com for more information .
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