We negotiated a 3.8% interest rate

As the building phase is completed and we have to move to the reality of paying off the mortgage on our new building, we are blessed to be financing it during a time of historic low interest rates.  We can't get rates as low as house loans, but we still were thrilled when we talked to LCEF, and also some local banks, and were able to get a 3.8% rate on a 20 year loan (the first 10 years are at this fixed rate).  We ended up getting the loan through LCEF (Lutheran Church Extension Fund).

A Financial Report from Erik Borgmeyer

We've now finished up 10 months of the year 2020 and we're heading ever closer to the end of the year.

Here is the October 2020 financial summary for you to take a look at. A few highlights of it are:

1 - Our actual net income for 2020 is almost $82,000 behind the amount we had budgeted to receive by this point.

2 - Our tithes and offerings are ahead of budget by about $2,500.  We started with some very strong months, but the past 5 months in a row we've seen tithes and offerings decreasing.

3 - Our PPP (Paycheck Protection Program) Loan has been fully forgiven!  We had applied for and received money from the CARES act back when the lock down first started.  That money was technically a loan, but since we were able to use it all for salaries, utilities and other things approved for in the CARES act, the entire amount of our loan has been forgiven and we don't have to pay back any of it.

To God Alone Be All The Glory!

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