Church Extension Loan Fund: Building Churches Through Smart Investing
*May not be available in all states.
** If you are interested in applying for a loan through the CELF program, please contact us for more information.
IMPORTANT UPDATE:
For the first time in the history of the fund, CELF is introducing two new investment tiers for our members. As of January 1, 2024, investments totaling $500,000 or more will receive a return rate of 5.25% and investments of $1 million or more will receive a return rate of 5.5%.
A detailed breakdown of the updated investment rates is as follows:
- 3.5% for $500 – $24,999
- 4% for $25,000 – $49,999
- 4.5% for $50,000 – $99,999
- 5% for $100,000 – $499,999
- 5.25% for $500,000 – $999,999
- 5.5% for $1 million and up
This change impacts the investment portion of CELF only.
What is CELF?
The Church Extension Loan Fund is a fund from which Free Will Baptist churches can borrow money to build buildings or buy properties. The money that makes up the fund is money that Free Will Baptist people and churches have invested in the program.
You can invest any amount over $500 in the program. In return, you receive a good rate of interest on your money. The money is then loaned to churches and ministries. The church repays the loan with a competitive rate of interest.
Interest on your investment is paid monthly or compounded, whichever you choose. There will be no penalty for early withdrawal of deposits. (A thirty-day notice will be requested.)
The CELF Investment Program affords you an opportunity to help a church get a much-needed loan and at the same time earn interest on your investment.
God has been good to Free Will Baptist North American Ministries. Through His leadership and blessings, new churches are being established all across North America.
If you have questions about the CELF Program, please contact Teresa Womack at 877-767-7674 (toll-free) or 615-760-6132 (direct line), or write to:
Church Extension Loan Fund
PO Box 5002
Antioch, TN 37011-5002
How secure is the Investment Program?
CELF is confident that our bank is stable with a consistent five-star rating.
- We have a 40+ year track record – longevity.
- When investing with CELF you are investing in ministry.
- You will be secure that your money is being invested in a conservative-based program.
- CELF has a good and successful track record and consecrated investment in Free Will Baptist churches.
85% to 90% of total assets are loaned out to different churches across America. The Church Extension Loan Fund has the first mortgage on all properties for more than the amount of the loan.
10% to 15% of total assets are kept on hand in our checking account.
No funds are ever invested in stocks or bonds.
CELF FAQs
What is the purpose of the CELF investment program?
The Investment Program exists to provide a financial base for the Church Extension Loan Fund. The loan fund, in turn, issues loans to churches and organizations through an approved application process. As each loan is repaid, those funds again can be loaned to other churches to provide a perpetual source of funds.
What is the plan of the Church Extension Loan Fund?
Investment Notes are offered at varied rates of interest. These notes of any amount are available to persons interested in advancing North American Ministries while at the same time earning a competitive rate of interest on their investment.
What is the relationship between the Church Extension Loan Fund investment program and North American Ministries?
The Church Extension Loan Fund Program is within the framework of the North American Ministries. The same Board serves both corporations. However, the CELF Program is a separate legal entity and is responsible for its transactions, assets, and liabilities.
Does the Church Extension Loan Fund investment program earn a profit?
The Church Extension Loan Fund is a not-for-profit religious corporation. Therefore, the profit earned from the program will be used to assist in other ministry projects.
How is interest paid?
Interest is paid monthly or semi-annually. The method of payment is optional to the investor. Interest may be paid by check monthly or it may be added to the principal and compounded each month for the duration of the note. All funds, whether a withdrawal is made or interest paid, can be sent directly to your checking account through EFT (Electronic Funds Transfer).
Who oversees the funds?
The Board, Executive Director, and Chief Financial Officer of the corporation oversee the Church Extension Loan Fund. The Accounting Administrator receipts and expends the funds. Persons involved in this procedure are adequately bonded. An annual audit is conducted by a CPA firm. A monthly report is submitted to the North American Ministries Board.
When can an investment be withdrawn?
The investment can be withdrawn upon request. A thirty (30) day notice will be required. In cases of larger amounts of $500,000.00 and up, more than a thirty (30) day notice will be needed. Typically, funds are expended within a few days of notice. There will be no penalty for early withdrawal of deposits. You will also need to fill out the withdrawal form below.
What about variable interest rates?
If it becomes necessary to adjust the rate of interest on your note, you will be notified thirty (30) days in advance.
Are investments taxable?
Yes, even though the Church Extension Loan Fund is a not-for-profit organization, the interest paid to the investor is declared income and is taxable. The investor will receive a 1099 INT at year-end.
How can I start an investment with CELF?
An investment can be started anytime with a $500 minimum deposit and filling out the online investment form below or requesting a hard copy. If using a hard copy complete the form and send it with a check to:
Church Extension Loan Fund
P.O. Box 5002
Antioch, TN, 37011-5002
If you have any questions or need more information about starting your investment, contact Teresa Womack by email (teresa@nafwb.org) or phone (615-760-6132).
Access the forms here:
CELF Investment Form (Printable Version)