Parish and School Assistance Line of Credit
Ohio Catholic Federal Credit Union is actively assisting Catholic parishes and schools throughout Ohio during this time of economic uncertainty.
Parishes and schools are seeing significant negative impact to their cash-flow due to decreased in-pew weekly offerings.
Catholic parishes and schools in any Ohio diocese can now apply for a $50,000 line of credit through our newly-streamlined process. Make no payments for 90 days. The line of credit is good for 12 months. Rates are variable based upon the Wall Street Journal Prime Rate (3.25% APR) and rates will not go below 3.00% APR*.
Submit the form below to request more details or to start your application process.
Questions? Call Michael Schmieisng, Business Banking Officer for Churches and Non-Profits, at (216) 816-9909 to find out if the Parish and School Assistance Line of Credit is right for you.
*APR is Annual Percentage Rate. The advertised rate is the minimum rate available and may vary based on creditworthiness. Rate is variable and may change during the term of the line of credit. The line of credit rate is variable based on the Wall Street Journal Prime Rate, on your creditworthiness, and OCFCU’s lending policies. Certain financial documents will be required in the application process. Other terms and conditions may apply. Your rate will vary but will never exceed 18.00% and never fall below 3.00%. Minimum line of credit amount is $20,000. Requests for a line of credit above $50,000 will be reviewed on a case by case basis. The LOC is an interest only payment LOC available for 12 months at which time the line must be paid off or rewritten. The draw period for the line of credit is 12 months. No minimum monthly payment. No annual fee. No prepayment penalty. First payment is due 90 days out from the date of line signing. Interest will accrue during the 90-day no pay period. First payment can be made within the first 90 days if borrower chooses. Loans or line of credit currently financed through Ohio Catholic cannot be refinanced with this offer. Ohio Catholic may change or discontinue the program without notice at any time. The promotional offer is only available to Catholic Churches and Schools in any Dioceses in the state of Ohio. Ohio Catholic FCU is federally insured by NCUA.