CNA Staff, Mar 27, 2020 / 13:17 pm
The Knights of Columbus have offered a $1 million line of credit to Catholic dioceses to help dioceses and parishes suffering from the financial effects of the coronavirus pandemic.
"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," Knights of Columbus CEO Carl Anderson said March 26. "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."
The $100 million fund allows up to $1 million line of credit per Catholic diocese. The program will open March 30 and will be available for 60 days following.
The Knights of Columbus say the interest rate is "very competitive," equal to the rate of a one-year Treasury bill plus 2.25%.