Appeal for Friendly Loans

Adelphi Friends Meeting has been planning a renovation/expansion of our meeting house for over a decade. We have completed the first phase of the project, the renovation of the existing Meeting House. We have raised a good portion of the cost from contributions and pledges, in capital campaigns, and will borrow additional money from a bank in the form of a mortgage. But this won’t be enough to cover the full cost of the project.

Adelphi is seeking additional financing through “Friendly loans”, which are loans made by Friends to Adelphi on friendlier terms than a bank will offer. A Friendly loan to Adelphi is a socially responsible way to put your money to work.

The Adelphi renovation/expansion project aims to make our Meeting welcoming and accessible to all. It involves many elements, highlighted by a new lobby and a large, naturally lit social space with modern kitchen. An elevator will make all levels of the building, old and new, accessible. The project also includes accessible bathrooms and classrooms, to accommodate better our library, our children’s religious education programs, committee and community meetings. We hope that the new spaces will facilitate a vibrant program in the future. Additionally, repairs and upgrades to the existing Meeting House will freshen it up, improve its acoustics, increase energy efficiency, and address issues with its aging infrastructure.

Interest-Free Friendly Loans

The Friendly loans we envision can be as small as $1,000 and are interest free, although larger loans will bear interest (see following section).

Many Friends hold money in a bank account or money market account, not intending to use that money immediately, rather holding it for unexpected expenses. Current Money Market interest rates are low. By lending to Adelphi, you are giving up only a small return, while at the same time allowing us to build the future of the Meeting now.

These interest-free loans are repayable on demand, so you should receive your money back within a few days of requesting repayment (the time it takes to write and send a check). This works because not everyone will ask for their money back at the same time. Even so, to guard against this possibility, we will put in place arrangements and cash reserve policies to allow the rapid repayment of even large amounts.

Other Meetings with mortgages may want to follow Adelphi’s lead and initiate a similar program to repay their own borrowing. Such Meetings will likely wait to see how this initiative works out for Adelphi. If there is sufficient participation, and the program runs smoothly, other meetings may follow. If your Meeting initiates a similar program and you have lent money to Adelphi, we will work with you and your Meeting to arrange transfer of the funds to your meeting, if that is what you prefer.

Interest-bearing Friendly Loans in Large Amounts

For those able to lend amounts of $50,000 or more, Adelphi will pay you interest (3%), which is comparable to what is available in today’s market. Repayment terms will be negotiated separately with each lender, so that we can spread out the maturity dates.

How to Make a Friendly Loan to Adelphi

For those interested in making a loan please send an email to [email protected] with the amount you are thinking of. This is not a commitment. We expect to need the money later this year or early next year and will be in touch with you once we have the program finalized. We understand that some may decide not to follow through, and that is fine.

We would appreciate hearing from you by August 15, so that we can make plans.

Questions?

If you have questions or would like to learn more about Adelphi’s Friendly Loan
program, please send an email to [email protected]. We look forward to hearing
from you!

Thank you for your interest!

In Peace,

Alden Meyer, Clerk
Development Subcommittee
Finance Committee
Adelphi Friends Meeting, Adelphi, MD