SV Loan Program

Lord Venkateswara borrowed money from Kubera for his wedding. Now SVTCC Board requests community Kubera’s to lend money to the SV Temple.

Loan Program Details:

  • Loan amount in units of $5000
  • 5 year term loan with 0% interest as of July 1, 2013
  • Principal to be repaid in 6th year
  • Authorized members of SVTCC Board will sign the promissory note on behalf of the organization
  • SV Loan is a good faith unsecured loan
  • Any willing member can issue a check or bank draft to SVTCC to participate in the “SV Loan” program. Interest accrual will begin from the date of issuance of the “SV Loan” promissory note and interest will be paid on the anniversary dates
  • SVTCC reserves the right to limit such borrowings at any time and phase the borrowings in multiple ensuing months from members
  • SVTCC reserves the right to retire the loan at any time prior to the 5 year term by fully paying the outstanding principal and interest, without any penalties
  • Progress of the loan program will be updated in SVTCC website on a weekly basis!
  • Finally, “SV Loan” is strictly a loan and SVTCC board is committed to full repayment of all the money borrowed through this program
  • Goal is to get a commitment for 1000 units before November 2010 and the first 100 units are already committed

This project will preserve the rich heritage of Hindu religion and culture and benefit not only the current generation but also future generations to come.

Be a part of this “SV Loan” program and support this great cause.

Forms (click to open):

Loan Commitment Form.pdf

Frequently Asked Questions:

Q. Why is SVTCC announcing this “SV Loan” program now?
A. Since the formation of this organization in 2007, the SVTCC has been diligently working towards the goal of a SV Temple in Novi. We formalized the transfer of the land and related assets from the DTA organization in 2007. Throughout 2008 and 2009, we were focused on getting the various City/State permits and approvals and other land/site preparation and development activities. In late 2009, we finally obtained all the approvals and began the construction phase. Our project budget is about $6m dollars for the Phase 1 which is the construction and inauguration of the temple. SVTCC organization has explored many financing options for the past one year. Due to unique market conditions, the traditional financing options ( banks, State of Michigan Bond issue etc) are turning out to be quite expensive. When we talked to various temple organizations in North America, we discovered that debt financing from the community is a very viable option and there are numerous examples of very successful community debt financing for churches and temples in North America. The support from our local community for Sri Venkateswara Temple is quite overwhelming as witnessed from our last six months of balalayam operations. This is what is motivating the SVTCC organization to quickly launch this program and complete our Phase 1

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project by summer 2011 and we believe SV Loan is a great way to accelerate our SV Temple project.


Q. Will my money be safe?
A. The SVTCC organization is fully committed to repaying all money borrowed from members and community at large through the SV Loan program. We are optimistic about our ability to repay all loans much earlier than the 5 year time horizon we have initially specified, just to be on the conservative side. However, it must be understood by every lender that this SV Loan is fundamentally a good faith unsecured loan. While the board will do everything within its powers to ensure the lenders are fully paid back, it is important for every lender to understand the fundamental nature of this loan instrument. History of other communities in North America who utilized this sort of debt financing for building Hindu Temples has been extremely positive and very encouraging. We are hopeful that we can successfully pay back the loans just as other communities in North America have done in the recent years.


Q. In case I want my money earlier than 5 years, will SVTCC make arrangements to work with such special needs of lenders?
A. As a uniform policy, our promissory note for all SV Loans raised will specify a 5 year term. The SVTCC board will certainly consider exceptions to this rule on a case by case basis and decide about retiring certain loans earlier than others. However, we would like for all our lenders to be able to wait the full 5 year term for the repayment of loan principal. We recommend that our members consider this fact thoroughly and decide to make any commitments on the number of SV Loan units that they could lend to SVTCC.


Q. Can you speak to the organization’s financial viability to take on a large sum of loan like what you are venturing to do ?
A. The SVTCC organization has a committed membership of over 700 community members to date. Many of our board members have been committed to the cause of building an SV Temple in metro detroit area since the 1990s. On an average, we have been able to raise approximately $400,000 every year through our annual fundraiser activities. Since the inauguration of our Balalayam in Nov 2009, our fundraising targets for 2010 are well ahead of plan. In addition, our balalayam operations have been generating surplus funds from month one. All of these data gives us the confidence about our financial viability. We also plan to phase our borrowings to accommodate our ability to retire the loans over a loan maturity period that is spread over months.


Q. Will you be asking the lenders at a later stage to consider converting their lendings to donations?
A. SVTCC is quite clear in

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announcing the intent of this loan program. SV Loan is strictly a loan. We intend to pay back all money borrowed through this program. The organization certainly needs donations from members and there are events throughout the year to solicit funds from donors. However, we have no intention asking the lenders of the SV Loan program to convert the loan to donations.