Debt Reduction campaigns share many of the same essential elements that create a successful building expansion project. We have found the following unique elements are also needed:
- Put a face on it – Most people are not very motivated to give to a mortgage note, but they are motivated to give to the faces of people who need God. Helping your congregation see the faces of single moms, elderly shut-ins, or troubled youth that are being helped through your ministries will provide incentive. Identifying and relating to these faces will help create strong ownership in a campaign for debt reduction.
- Give people hope – If the size of your debt cannot be totally eliminated with one capital campaign, you must create a financial plan that provides for immediate benefits – you need a quick win! Consider working with your mortgage lender to renegotiate a lower loan payment in exchange for a significant lump sum payment from the proceeds of your capital campaign.
- Make it real – Help people visualize the tangible ministry benefits of achieving a debt reduction goal. For example, if your annual mortgage payment roughly equates to the cost of a much-needed additional staff person, say so.
- Make it a personal – What is good for the church corporately should also be good for individual believers. Use a debt reduction campaign as a catalyst for your congregation to also reduce their personal debt.
Capital campaigns for debt reduction require a very distinct approach. Contact us to learn more about the successful strategies we have helped our clients create and how we can help you succeed as well.