Craig A. Dunn, chief executive officer of the Wesleyan Investment Foundation (WIF), headquartered in Fishers, Indiana, USA, (www.wifonline.com), and Marilyn J. McCool, general treasurer of the Church of the Nazarene in Lenexa, Kansas, USA, (www.nazarene.org), signed an agreement completing the sale of the USA Church of the Nazarene Loan Fund to the Wesleyan Investment Foundation.   

The transaction of approximately US$29.4 million is effective June 1, 2011, and all current and archived loan files will be transferred to the WIF on June 9, 2011.   

This historic partnership was unanimously approved by the USA National Board and the General Board of the Church of the Nazarene in Louisville, Kentucky, in February 2011. News of the plan to sell the USA Church of the Nazarene Loan Fund, subject to working out the necessary details, was made public by the Board of General Superintendents (BGS) at the end of the 2011 General Board session.  

The General Board Executive Committee, Church of the Nazarene, has approved using the proceeds from this sale for the retirement of Global Ministry Center debt. The remaining funds will be invested and preserved as a capital asset of the General Board. 

According to McCool, "this will greatly expand the opportunities for church loans to Nazarene congregations. Future origination and servicing of Nazarene church loans by the WIF will greatly benefit our local churches and districts, providing loan options well above the current $400,000 ceiling."  

"We will not only be able to increase the church loan limits into the multi-million dollar range, but we will also expand loan service options and provide savings accounts to Nazarene churches and individuals," Dunn noted. 
 
The WIF was started in 1946 to serve the needs of churches that could not obtain loans from local banks because the church was too new (church plants) or because banks did not fully understand the method by which local churches are financed.  

Dunn identified the mission of the WIF as providing loans to churches, giving them the "tools" needed to reach their communities for Christ and to transform lives for the Kingdom. 

The Wesleyan Investment Foundation was seeking to expand with an asset acquisition to increase its ministry to local churches. According to Dunn, the Foundation's CEO, the purchase of the loan fund portfolio will increase the WIF portfolio of loans by about 10 percent.  

The 55-year-old USA Church of the Nazarene Loan Fund was completely self-funded with no liabilities. The quality portfolio held a favorable equity position.   

The idea of this sale was first discussed by the Board of General Superintendents and the Senior Leadership Team at the Church of the Nazarene's Global Ministry Center in February 2011. An informal meeting with Dunn followed during the General Board session in Louisville.

Both denominations recognize the leading of God in this transaction, bringing things together in an orderly fashion. 

Speaking on behalf of The Wesleyan Church, General Superintendent Jo Anne Lyon issued the following statement:  

"This transaction between the WIF and UCLF represents both the spirit of Jesus' prayer for unity in the body of Christ and a defined action that increases the services available to the denomination. Jesus' prayer also contains a promise for obedience: '... that the world will believe.' "This is an enormous promise to both The Wesleyan Church and the Church of the Nazarene, and we are honored to follow the instruction of our Lord in such ventures."  

J. K. Warrick, Board of General Superintendents chair for the Church of the Nazarene, affirmed the new working relationship: "This is an example of how we can better serve our Lord and His Church when we are open to the leading of God's Holy Spirit as He brings us together for message and mission.  

"It marks a new day of cooperation among the holiness denominations and, particularly, The Wesleyan Church and the Church of the Nazarene. As stewards of God's message of reconciliation, God's mission, and God's resources we can do no less. We are pleased with this new level of partnership, and we are looking for other ways to join hands and hearts as we serve our Lord."

Warrick also underscored the vision of those who founded the USA Church of the Nazarene Loan Fund: "The BGS is grateful to Nazarenes who, nearly six decades ago, established this as a ministry to local churches.  

"We also express appreciation to those whose participation helped it grow. This forward-thinking decision created the opportunity to partner with the WIF, an organization sharing our mission to serve the local church."

According to Mark Wessels, administrator of the USA Church of the Nazarene Loan Fund, communications from both organizations will be sent to all local Nazarene churches affected by this sale to ensure a seamless transition.  

The 2009 General Assembly of the Church of the Nazarene, meeting in Orlando, Florida, voted to give the Board of General Superintendents authority and responsibility to explore closer working relationships with like-minded churches in the Wesleyan-holiness tradition.