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Loans

Where an organisation (often, but not exclusively churches) is faced with an unexpected crisis, an interest free loan may be made in place of a grant. This is usually in order to allow them to get on with the building work, avoiding inflation costs. 

Loans are normally repayable over 5 years by annual instalments. The maximum loan is usually £10,000 or 10% of the project cost. Rarely, the trustees will consider special circumstances.   There are standard conditions:

1.The offer of a loan remains open for 2 years. If this is not taken up within this time, a new application will be needed

2.Please supply a copy of the minute of the extraordinary meeting of the appropriate body called to consider the acceptance of a loan offer. The minute should clearly show: -The amount of loan -The proposed dates and amounts of the repayments< br /> -The purpose of the loan The copy minute should be signed by the Chairperson and Treasurer

3.The loan should be shown in your annual accounts as "interest free loan from the William Leech Charity". Please send us a copy of your accounts each year.

4.The loan can be made available on short notice when it is needed to pay your contractor. Please do not apply sooner. When you apply, we would like your assurance that all other resources have been used first.

5.We have a large commitment to interest free loans. If early repayment is possible, you will enable us to help other applicants. We would be disappointed if we found that you were keeping money in the bank, rather than making repayments.