Aleteia logoAleteia logo
Aleteia
Saturday 16 October |
Saint of the Day: St. Gerard Majella
Aleteia logo
home iconNews
line break icon

The Knights of Columbus is stepping up to help dioceses affected by the coronavirus

COLLECTION PLATE

Shutterstock

Patty Knap - published on 05/29/20 - updated on 10/19/20

Individual dioceses can apply for up to $1 million in a line of credit, with up to $100 million in lines of credit available to dioceses suffering from a lack of donations due to COVID-19 shutdowns. 

The investment arm of the Knights of Columbus hopes to fill in the gap for dioceses suffering a financial loss with church doors closed.
“When you don’t have Mass, not everybody is necessarily thinking, ‘Gosh, father needs money for keeping the lights on,’” said Tony Minopoli, the president and chief investment officer of The Knights of Columbus Asset Advisors, a wholly-owned subsidiary of the Knights of Columbus.
Individual dioceses can apply for up to $1 million in a line of credit, with up to $100 million in lines of credit available to dioceses suffering from a lack of donations due to COVID-19 shutdowns.
Many parishes have urged parishioners to continue making weekly donations either by dropping off an envelope at the rectory, or by utilizing an online giving method such as FaithDirect. However the drop in donations has been significant for most parishes, up to 50% the Archdiocese of New York, for example.
“The church is largely in the same situation as many, many small businesses,” Minopoli said, “as both small businesses and churches are looking at how they can stay afloat until daily life returns to normal.”
The short-term lines of credit carry a roughly 2 percent interest rate for two years. At the end of the term, borrowers can convert the balance to a five-, 10- or 20-year fixed-rate, low-interest loan similar to the type that the Knights of Columbus have offered to Catholic entities since 1896, Minopoli told Fox News.
“It is critical for us to support the Catholic Church in the United States at this time, so that the Church can continue to provide irreplaceable spiritual and charitable support, and can keep the staff supporting its mission and outreach employed,” noted Supreme Knight Carl Anderson. “Our fund is designed specifically to help dioceses and their parishes weather this pandemic financially so that they can continue their important work – now and after the pandemic.”
Tags:
CharityCoronavirusKnights of Columbus
Support Aleteia!

If you’re reading this article, it’s thanks to the generosity of people like you, who have made Aleteia possible.

Here are some numbers:

  • 20 million users around the world read Aleteia.org every month
  • Aleteia is published every day in seven languages: English, French, Italian, Spanish, Portuguese, Polish, and Slovenian
  • Each month, readers view more than 50 million pages
  • Nearly 4 million people follow Aleteia on social media
  • Each month, we publish 2,450 articles and around 40 videos
  • We have 60 full time staff and approximately 400 collaborators (writers, translators, photographers, etc.)

As you can imagine, these numbers represent a lot of work. We need you.

Support Aleteia with as little as $1. It only takes a minute. Thank you!

Daily prayer
And today we celebrate...




Top 10
1
Larry Peterson
This is the only officially recognized Marian apparition in the U...
2
Philip Kosloski
A scientist describes the Miracle of the Sun at Fatima
3
NIGHTBIRDE
Cerith Gardiner
Nightbirde finds inspiration in Joan of Arc
4
AVENIDO BROTHERS
Agnès Pinard Legry
Three brothers ordained priests on the same day in the Philippine...
5
Cerith Gardiner
Archbishop gives little girl a beautiful response about why God a...
6
POPE JOHN JOHN XXIII
Philip Kosloski
Vatican II’s primary goal, according to St. John XXIII
7
GETAFE
Dolors Massot
Two sisters become nuns at the same time in Spain
See More
Newsletter
Get Aleteia delivered to your inbox. Subscribe here.