Improvement Loans with the BC Church Building Society
Encouraging and enhancing ministry in your church – this is the goal and the reason of the BC Church Building Society (BCCBS). The BC Church Building Society is the mortgage lending arm of the BC and Yukon District that is passionate about encouraging and enabling churches in the BC/Yukon District to enhance their local ministry.
The B.C. Church Building Society was formed in 1950 by The Pentecostal Assemblies of Canada, BC & Yukon District. The purpose of the society is to provide a way for smaller churches in the BC & Yukon district to obtain loans for the building of new churches, expansion or improvement of existing church buildings, parsonages and camp projects.
Jim & Kathryn Richards
Secretary/Treasurers of the BCCBS
Loans to churches must first have district approval. The application for approval is to be sent in writing to the Assistant Superintendent for Operations.
Assistant Superintendent for Operations
20411 Douglas Crescent
Langley, BC V3A 4B6
After approval is given, contact is made with the Society Secretary-Treasurers Jim & Kathryn Richards, who will send out an application form with a letter explaining loan rates, repayment schedule, and other information.
Rates are set to agree approximately with those set by our National Pension Fund Loan Department. The rate is set when the loan is advanced for a three-year term and adjusted on the three year anniversary to the current rate. There is also a 1% administration charge.
Payments start 30 days after receiving the loan and the amount of each payment is 1% of the total loan. All loans are open and can be paid off at any time, or lump sum payments can also be made.
In order to raise the funds to provide loans, individuals are invited to invest in the Society. A certificate is issued to the investor and may be cashed at any time upon 90 days’ notice. The interest rate is set at the time of the investment for a three-year period at which time the rate is reviewed for another three-year period. Interest is paid semi-annually on January 1st and July 1st of each year.
If you are interested in investing in the BC Church Building Society, please contact:
Jim and Kathryn Richards
BC Church Building Society
604-533-2232 ext 302