An opportunity to obtain a low interest loan is now available through Generations Financial Resources, Inc., (GFR), a specialty lending corporation and controlled affiliate of the Pension Boards.
The low-interest loans are available to participants in the Ministers’ Financial Vitality Initiative (MFVI), who have completed at least one full year of the program. These loans are intended to be used to pay down higher interest education and other unsecured debt.
GFR utilizes a unique approach to address the crushing burden of clergy indebtedness that includes:
- Education: We leverage the educational component of the MFVI program to provide personal finance education to empower ministers in managing their financial affairs.
- Low Interest Loans: Lower interest rates result in lower monthly payment burdens, which means that more of your income becomes available to put toward savings, investments, or paying down other debts much faster.
- Paying It Back to Pay It Forward: As you pay back your low interest loan, the principal repaid is made available to future borrowers. Paying back your loan, means paying it forward to another minister in need! Your repayment strategy provides another avenue to put your MFVI learning into real practice.
To learn more about GFR, please read the Frequently Asked Questions, or view Improving Financial Wellness for Ministers informational flyer.