The Baptist Extension Board serves to aid churches that are unable to obtain commercial financing.
The Baptist Extension Board was incorporated in 1940 with the purpose of assisting churches with the building of new and larger facilities by providing low-interest loans.
Since then, the Baptist Extension Board has provided financing for more than 475 BGAV church projects, including construction, land purchase and renovations.
The Board of Trustees is comprised of clergy and lay leaders from across Virginia. Meetings are held in Richmond regularly during the first and second quarters each year.
Mortgage loans are offered at a competitive interest rate with typical terms of 13 to 15 years. Currently, the Baptist Extension Board services more than $12 million in loans to BGAV churches.
This special service is only available to a BGAV Participating Church contributing financially to the Virginia portion of the Cooperative Missions budget as defined in the BGAV Constitution Article III, Section C: “A church shall be deemed to have contributed financially when it has given either (a) at least $500, or (b) at least two percent (2%) of its total annual receipts, during the previous fiscal year to the Virginia portion of the Cooperative Missions Budget.