Romanian church sets up financial institution to lend believers money

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Dollar billSource: Business Review – Romania

The Metropolitan Church of Moldova and Bucovina funded a Credit Union for Clerics and Laity (CARCM) where priests and Christian followers can take out loans with an interest rate of 6 percent, writes Mediafax.

Priest Grigore Timoftescu, president of CARCM, believes that the institution will receive many loan solicitations, given the low interest rates.

14 people have already signed up to CARCM to receive their credits of a maximum of RON 5,000, which will be handed out starting next week.

In order to be eligible, the applicant must fulfill two conditions: to have a steady source of income and to be Christian-Orthodox.

“I hope and I believe we will succeed with the other priests in the territory to make the institution work just as we want it. The Benefit House functions as a non-banking financial institutions and all the clerics and Christian-Orthodox laymen can sign up. There is a RON 35 registration fee upon signing up and a monthly tax of RON 30, plus an extra RON 2 for a benefit fund”, according to Timoftescu.

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