Loan Fund Names New Director

David Veen was eager to work in some way with the Christian Reformed Church’s Loan Fund, given that it is a ministry that involves banking and finances, the areas in which he has been interested and worked for many years.

A lifelong CRC member and veteran executive in the banking industry, Veen even made a call to the Loan Fund at one point to see if it could use his skills. Among other things, he has worked as a bank branch manager, a vice president of small business banking, and started a bank from scratch in Grand Rapids, Mich.

When he made that initial call, Veen was told there were no openings in the Loan Fund. But then last summer he saw a job posting for someone to replace Carl Gronsman, director of the Loan Fund who retires at the end of 2010.

Given its connection with his faith and the type of work he’d been doing for many years, it was the Calvin College graduate's ideal job. Veen took little time applying for the position.

"When the position opened, I jumped at it," he says. "I wanted to do something for a faith-based organization and this position presented the best opportunity for me to use my banking skills at the same time."

But then he had to wait for several months as the hiring process, including multiple interviews with the job candidates, took place. It was an anxious time for Veen, who is married and has two children. They attend Plymouth Heights CRC in Grand Rapids, where Veen has served in various positions, including on the Church Council and the Finance Committee.

"I was very pleased when I learned that I was hired," says Veen, who started at the Loan Fund in November to learn the various financial processes before Gronsman retires. Alice Damsteegt also works for the Loan Fund.

The Christian Reformed Church Loan Fund was established by Synod in 1983 for the benefit of CRC congregations in the United States. The Loan Fund makes loans available to any CRC church in the U.S. that wishes to purchase or build a church facility or parsonage, to purchase land, or to make improvements or repairs to existing property.

The Loan Fund's only source of funds (it does not solicit gifts or receive ministry shares) is investments in the Loan Fund made by individuals, Christian Reformed congregations and classes, and other organizations related to the CRC.

The Loan Fund experienced a downturn in 2010, due to the overall sour economy, which probably caused churches to cut back or hold off on building or expansion plans.

But the fund still approved a few new loans. These were for Rehoboth CRC, Rehoboth, New Mexico; Long Beach CRC, in Long Beach, Calif.; Noordeloos CRC in Holland, Mich., and Stephenville CRC in Stephenville, Texas.

Looking ahead, Veen says he sees the economy slowly improving. "Circumstances have dictated that churches slow down a bit. But maybe some of the plans by churches will get rekindled again… We are seeing a little more increased activity," he says.

This information does not constitute an offer to sell or a solicitation of an offer to purchase. Offers will be made only by the offering circular in those jurisdictions where it is lawful to make such an offer or solicitation of an offer. Investments in the Loan Fund involve risks more fully disclosed in the offering circular.