Church goes it alone with £1.3m loan

Finance | Gareth Jones | 24 Aug 2009

The Church of Pentecost has borrowed £1.3m from RBS to establish a regional office as it parts company with its parent charity Elim Pentecostal Church and branches out on its own for the first time.

The funding has allowed the Church to buy a converted warehouse in Peckham, south London to use as its new office, as well as buying seven other worship halls, residencies and commercial properties that until now it has managed under the Elim banner.

The Church has been part of Elim since it arrived in the UK from Ghana 15 years ago but now wants to become a charity in its own right.

The funding, from the £250m SWE Fund launched by RBS earlier this year, will also provide some additional cashflow to help the Church ride the recession.

Directory: Royal Bank of Scotland (RBS)

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