Baptist Building Fund
BAPTIST BUILDING (M) SDN. BHD.
WORKING GUIDELINES FOR REVIEW OF LOAN APPLICATIONS
A. In order to consider an application adequately, the following may need to be done:-
1. A review of the financial position of the applicant. The applicant has therefore to provide details of its financial capability to repay the proposed loan, such as:
(a) how many members does the applicant have
(b) the amount of monthly tithes, offerings and other forms of income
(c) the amount of monthly expenditure
(d) the amount of assets and liabilities
(e) whether there are other financial commitments
(f) the statement of accounts (balance sheet and profit and loss account) for the last three years, if applicable
2. A review of all documents pertaining to the real property to be acquired or which has been acquired by the applicant. BBSB needs to establish whether there is any existing or proposed encumbrance on the property.
3. Pay an unannounced visit to the applicant and assess the situation.
4. Meet the Pastor, Office bearers, Elder, Deacons in respect of the loan application.
5. Enquire about the applicant, in particular its financial standing, from member and non member churches of MBC.
B. No loan shall exceed 50% of the total project cost for which the loan is intended to finance.
GUIDELINES APPROVED/ RATIFIED BY BOARD OF DIRECTORS