Faith Christian Assembly - Extension Loan Fund
As a new member of the Ephesians 4 Network, Pastor Frank Julian and the congregation of Faith Christian Assembly in Melvindale, Michigan; just outside Detroit, were thankful and blessed for new growth and the blessings that God was bringing to the church.
Their church, a former large retail store had been purchased and converted into a spacious and functional house of worship with room for all the ministries the church was involved in. One day, the church received a letter from their local bank that stated their note was maturing and was no longer interested in financing their facility. The church had a spotless record of on time payments, more than adequate collateral and a growing congregation; and their finances had never been better. In spite of being a perfect client, the bank was unwilling to work with them any longer. The bank even made a startling offer to the church. If the church could acquire other financing to pay off the note, the bank would discount the note by $1 million dollars.
When Bishop Brad Reynolds called the Loan Fund about Faith Christian Assembly with these details, the Fund was almost incredulous that a commercial bank would discount a loan by that amount when it had never missed a payment. After a visit to the church location and a meeting with the leadership of the church, the Fund felt a genuine kindred spirit with the church, its vision and the financing challenge in front of them. The Board of Directors voted to approve the loan to refinance the building. Faith Christian Assembly was doubly blessed by having $1 million dollars written off their debt plus a reduction in their payment of thousands of dollars each month.