ELCA congregations and ELCA-related ministries turn to the Mission Investment Fund for more than our competitive loan rates and terms. As an ELCA ministry ourselves, we offer a unique understanding of your needs.
What kinds of projects can be considered for MIF loans?
Our loans finance everything from land and building purchases, additions, renovations and accessibility projects to “green” initiatives and loan refinancing. Read more about “green” projects.
Does your ministry qualify for a loan?
MIF loans are available to ELCA congregations, synods and ELCA-related ministries such as social ministry organizations, outdoor ministries, seminaries, colleges, universities and schools.
Why consider the Mission Investment Fund for your loan?
We specialize in church building projects.
Thanks to that focus and our decades of experience, no one understands the needs and goals of ELCA congregations and related ministries better than MIF does.
We offer competitive rates and terms.
MIF consistently offers competitive loan rates to congregations and ministry organizations. And unlike many commercial lending institutions, MIF does not charge mortgage points for our loans. For long-term loans, MIF will charge a document preparation fee. (Please note that the title company will charge closing costs associated with a transaction.)
Faithful stewardship finances our loans.
The money invested in MIF by congregations and their members and the interest paid by borrower congregations and ministries finance our loans for capital projects.
Loan Types
Whether you're looking for a short- or long-term loan, seeking funding for a smaller project or a large one, MIF offers options to your congregation or ELCA-related ministry.
Adjustable-Rate Loan (ARM)
Minimum loan amount of $100,000
Interest rate adjusts at 1, 3, 5 or 7 years
Amortization of up to 25 years
This loan combines a short-term loan to finance construction (except for the one-year term) and a long-term loan that pays off the construction loan and spreads debt over many years. The interest rate is reviewed at the end of the 1, 3, 5 or 7 year term, when the rate may be adjusted to reflect general market conditions. These loans provide financing for new buildings, additions, renovations, accessibility projects, green initiatives, land purchases, and loan refinancing.
Fixed-Rate Loan
Minimum loan amount of $100,000
Maximum amortization is 10 years
Construction generally involves two loans: a short-term loan to finance the construction and a long-term loan that pays off the construction loan and spreads debt over many years. MIF combines these two loans into one convenient loan. This long-term, fixed-rate loan provides financing for new buildings, additions, renovations, accessibility projects, "green" initiatives, land purchases, and loan refinancing.
MIF Loan for Smaller Projects
Fixed and adjustable rates available
Amortization of up to 10 years
MIF provides smaller loans for shorter periods to finance special capital projects, such as improvements or additions. Available with a fixed rate or a five-year adjustable rate. Maximum amortization is 10 years.
Added incentive for solar and other clean energy building projects.
The time could be right to consider a loan for clean energy upgrades. As part of a new program through the Inflation Reduction Act, ELCA congregations and ministries can qualify for rebates on clean energy investments, like wind and solar power projects, electric vehicles (EVs), efficiency upgrades, heat pumps, and more.
Looking to fund a smaller project?
ELCA congregations and related ministries can borrow up to $100,000 from the ELCA Federal Credit Union at competitive interest rates. These loans are for smaller projects and purchases, including building repair, supplementing operating expenses and vehicle purchases.
Get a rate quote
Complete the form and a Mission Investment Fund representative will contact you within two business days. To speed the process, you can call an MIF customer service representative at (877) 886-3522.
As a ministry of the ELCA, MIF regularly works with established congregations as well as new starts that might otherwise not receive capital financing. And unlike commercial lenders, we’re specialists, with more than a century’s worth of expertise in planning and financing church building projects.
Begin your application here, or call (877) 886-3522 to speak to a representative.
TRANSFORMATION IN ACTION
They had the heart. They needed a hand.
When the operator of a daycare center leasing space at Gethsemane Lutheran Church pulled out after 30 years, the church’s members knew what God was calling them to do.
Ready to Serve
MIF is here to help congregations better live out their missions.
Regional Managers
MIF Regional Managers introduce the features and benefits of MIF’s loan and investment products to synods, congregations and their members and ELCA-related ministries.
LOCATE YOUR REGIONAL MANAGER
