As Dioceses Face Coronavirus Money Woes, Knights of Columbus Offers Line of Credit
The line of credit will run for two years. At the end of the term, dioceses can convert the line of credit into a fully amortized Knights of Columbus Church loan at the rate in effect for a period of five, 10, or 20 years.
These are the same conditions offered by the current ChurchLoan program of the Knights of Columbus
“The Knights of Columbus has been a key lender to parishes and dioceses for over a century, and the ChurchLoan program remains a key source of funding for parishes and Catholic institutions,” said the Knights of Columbus.
The Knights of Columbus is a Catholic fraternal organization with nearly 2 million members in over 15,000 local councils around the world. Its members worked 76 million hours of service in 2019 and have helped donate more than $ 185 million to charity.
Its life insurance business claims approximately $ 109 billion in in-force life insurance. The insurance program helps fund Knights’ charitable work and other efforts to support the Catholic Church.
The Knights have many local initiatives addressing the needs of the COVID-19 pandemic. The organization has called on its members to help provide food and other essentials to those in need. He also urged its members to participate in blood drives. The Knights of Columbus helped start nationwide blood drives in the 1930s.