How does the Fund work?
WCHR receives gifts and loans from individuals and groups. Promissory notes are issued to investors. These funds are then lent for initiatives meeting community needs. WCHR staff helps qualified borrowers develop proposals and financial packages that work. Proposals are evaluated based upon the potential to meet need and the financial strength and feasibility of each project and borrower. WCHR is assisted by attorneys, bankers, builders, architects and other professionals to insure the success of the projects. WCHR also monitors timely completion of projects to best ensure the return of its short-term or gap funding.
Who manages the Community Loan Fund?
The WCHR Board of Directors governs the fund with direct supervision by the Loan Committee of the Board. The Loan Committee meets monthly to discuss each loan's status, to approve new loans and to set policy. The committee represents area banks, religious groups, non-profit organizations, and other community associations. All loans are secured by mortgages on real property or other collateral.
What does the Fund offer Borrowers?
Technical assistance
Needed capital
Favorable rates
Opportunity for success