Covenant Initiatives for Care is excited to announce a new partnership with North Park University and TC Capital through the Engebretson Microloan Initiative. This Partnership will not only provide an exciting Catalyst to develop a “Learning Laboratory” for students at the intersection of commerce and community service, but will result in mutual benefits for CIC, the University, the TC Capital Community, and the Chicago region. More to come!
Engebretson Microloan Program
Milton Engebretson
Milton B. Engebretson was the sixth President of the Evangelical Covenant Church and served the denomination from 1967-1986. His commitment to reach beyond the walls of the church to positively impact neighborhoods, communities, and beyond is what is behind this program that bears his name. Cardinal Joseph Bernardin (Archbishop of Chicago from 1992-1996), upon Milton Engebretson’s retirement said, “His commitment to the Lord and his desire to serve in the context of our contemporary society with all its lights and shadows have been a source of inspiration to all of us who have worked with him at the national level.”
Program Purpose
The Engebretson Microloan Program (EMP) provides access to low-interest, short-term loans to identified churches and/or organizations seeking to meet an identified need in economically distressed neighborhoods. The purpose of the program is to foster small-scale, socioeconomic health in the neighborhood in which the church and/or organization resides, encouraging opportunity and service to their immediate community – outreach without expectation.
Criteria for Application
- Evangelical Covenant Churches in good standing
- Covenant entities in good standing
- Covenant-connected entities*
General Parameters
- Church/orgaization resides in an economically distressed neighborhood** (Distressed Communities Index)
- Project promotes healthy small businesses and/or initiatives that benefit the neighborhood
- Interest Rate: Prime + .5%
- Payment Schedule: Not to exceed 36 months
- Availability of loans contingent upon funds at the time of application
Application Process & Deadlines
- Applications submitted online using this link: Engebretson Microloan Program Application
- Applications reviewed and interviews scheduled every four months (January, May, September)
- Approved applications awarded and disbursed prior to the following cycle
* Determined case-by-case, acknowledging that certain arrangements require non-direct affiliation with a denomination (e.g. FQHCs).
** We utilize the Distressed Communities Index provided by the Economic Innovation Group, a bi-partisan public policy organization.
For more information or to begin the application process, please email empinfo@covcare.org.