“Over the past several years, many churches made the mistake of borrowing everything a bank was willing to lend them. As a result, many ministries are facing the strangling hold of lenders and interest payments. Seek to restructure the debt…and resolve to never again borrow an amount of money that would jeopardize the ministry.” – Joseph Sangl, Top 10 Financial Mistakes Churches Make
Yeah, that hits a nerve for me. So I would add this to Sangl’s advice: Along with resolving to never allow debt to jeopardize your ministry, align your ministry with a financial partner who cares about your vision as much as you do and will help protect you from such decisions.
Check out the rest of the list at Top 10 Financial Mistakes Churches Make. Has your church bounced back from making any of these common mistakes? How did you recover?