The BIC Fund is owned and operated by the Canadian Brethren in Christ Church. It is a Fund that has been created for individuals, couples, and families to deposit some of their savings (and receive interest) in order to make a pool of funds available for lending to BIC congregations and ministries as they move into building or capital expansion. The Fund does not lend to individuals or to commercial enterprises, but rather only to BIC-related churches and ministries. The Fund allows you to put your money to good use for the work of the church in a safe manner and also allows you to receive interest on your deposit!
The Fund currently has $7.5 million in assets and has now been operating for nearly 50 years; it was started by visionary BIC leaders in Canada to further the work of the church. The Fund is a legally incorporated entity with oversight also provided by the Canadian BIC Church. It has helped a majority of Canadian BIC congregations and church agencies over the years by lending funds for building and special projects.
This is how you can help: Individuals of all ages lend some of their savings to the Fund, on an “on demand basis”. Your deposit, or a portion of it, can be withdrawn at any time – it is not locked in for a set period. Interest is calculated on the daily balance and is compounded monthly.
What are the current rates? For the current rate for depositors and the interest rate charged on loans please contact Lorraine Davies at firstname.lastname@example.org.
Who can deposit funds? Anyone who is a BIC member or attends a BIC church is welcome to deposit money with the Fund – small or large amounts; teens or seniors; short term or longer. Contact Lorraine Davies (information below) for more information.
Who can borrow from the Fund? BIC congregations or BIC ministries are able to receive loans from the Fund. There is a process of review to work through for approval. Contact Lorraine Davies (information below) for more information.
Who can help us with questions regarding finance and stewardship? Mr. Bob Leadley, a chartered accountant, gives leadership to the BIC Fund. Bob is a member of the BIC Church and a businessman. He is able to meet with churches to discuss financial and/or building matters.
Also, Rev. Leonard Chester, a retired BIC pastor, is available to meet with individuals, couples, families and churches. Leonard brings much practical and personal experience in issues of stewardship teaching, practical family finance, retirement preparation, and issues related to estate-planning.