DCEF Announces Loan Payment Deferral Plan
The disruption caused by the coronavirus (COVID-19) extends well beyond its primary health concerns to virtually every aspect of daily life including, but not limited to, economic impacts for individuals and congregations. I am writing to you because Disciples Church Extension Fund (DCEF) understands that many churches will have trouble meeting their various financial obligations during this time of uncertainty. The inability to meet for worship and diminished congregational giving are the primary causes, along with loss of jobs in the economic slowdown.
Our goal is always to work with our congregational partners to benefit our shared mission. To respond with immediate assistance to congregations, DCEF will provide to Disciples congregations a two-month deferral of loan payments beginning with payments due April 1, 2020 through May 31, 2020. During this time, interest will accrue, but you will not be charged any late fees.
Due to the short timeframe before we draw payments from most accounts, the deferral on loan payments will take place automatically on all DCEF loans to congregations. This means there is nothing you need to do at this time to start the deferral. However, we also know that the impact on congregations will be different and, should your preference be to continue your regular payments, you may do so. If your preference is to continue payments please give us a call at 1-800-274-1883 or send an email to loans@disciplescef.org. If we collect your payments automatically from your checking account or DCEF Investments, we need to receive your notification by March 27, 2020.
In times of crisis like this, we need to be working together for the good of all. Our prayer is that this deferral of loan payments will provide funds for your congregation to continue ministering to your flock and helping to meet the needs of people in your community.
May God’s blessings and love continue to surround you and your ministry to others.
Erick D. Reisinger, President
Disciples Church Extension Fund
COVID-19 Disciples Church Extension Fund Update
Disciples Church Extension Fund (DCEF) tested our Business Continuity Plan last Thursday and Friday, March 12 and 13. During this time, our physical offices have been closed and all staff have worked remotely during our normal business hours.
Last Friday afternoon, our executive leadership team decided to continue DCEF’s operations remotely through Friday, March 27, as to lower the likelihood of large scale service disruption should our office become exposed to COVID-19. We have made this decision hoping to reduce opportunities for Coronavirus exposure to our staff and partners.
We also make this decision in complete confidence that the proper procedures are in place so that all DCEF departments will remain operational and at your service. Loan advancements and investment transfers are being administered without disruption. Our treasury department continues to promptly process accounts receivables and donations as they come in. Our main switchboard and direct lines are open to receive calls remotely, and all staff is available via email. Please don’t hesitate to be in touch.
We will change one aspect of our day-to-day operations: travel. While we so greatly value our close relationships with our many partners, we have decided to issue a travel suspension for all DCEF staff and contractors until further notice. It is important that we mitigate any health risks to our staff and partners as we are able. If you have an upcoming DCEF consultation, seminar, or meeting already planned, we will be reaching out to you to reschedule (or go virtual!).
DCEF remains committed to providing you with superior customer service and genuine partnership. We are grateful for you and the ministry we make possible together, especially during these challenging times.
In partnership,
Erick D. Reisinger
President, Disciples Church Extension Fund
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