In 2020, the Mission Investment Fund delivered strong financial performance. We saw continued growth in our lending business, with our loan balance at $596.4 million at December 31, 2020, up from $575.1 million the previous year. MIF investment obligations increased to $543.1 million from $493.4 million the prior year as investors increasingly sought out MIF investments as a safe haven during a period of heightened market volatility.

MIF total assets rose to $773.8 million at year-end 2020 from $712.3 million the previous year. Net assets rose to $218.2 million from $211.9 million. MIF’s capital ratio remained strong at 28.20 percent.

We responded to the special needs of this time by offering much-needed financial assistance to congregations and ministries. MIF provided special assistance with 191 loans, offering interest-only payments or deferred payments for a short term. And we engaged with our financial partner, the ELCA Federal Credit Union, to provide 225 loans worth $8.2 million to congregations and ministries under the Paycheck Protection Program (PPP). MIF provided strategic guidance, operational support and funding for this key effort.

Our key partnerships within the church remained strong as we continued to support the churchwide organization, congregations and related ministries.

To gain a deeper understanding of our customers, we completed the second phase of our market research effort, a qualitative component, comprising in-depth interviews with MIF customers and ELCA members. This round of research has given us a close-up look at the financial services needs of our existing customers and other members of the ELCA—an understanding that will allow us to serve you even better with the suite of products and technology tools that you desire.

MIF’s commitment to customers governs all that we do. Our capabilities and capacity are strong. And our position of strength and stability—an ongoing strategic priority—remains steadfast.