LOAN + GRANT PROGRAMS
The Foundation is not large, and its ability to award grants and loans is limited by the amount of investment income earned. Thus, the ability to provide grants and loans will vary with the performance of the stock market, interest rates, and the amount of donations received.
Grants are normally made to undergraduate and graduate students accepted into, or already enrolled in an institution of higher learning, working towards a first or second degree. On occasion we provide grants to professionals for continuing education courses in their chosen field. Grants are usually in the $ 500 to $ 1,500 range. Applicants can apply for multiple grants during their course of study, but a grant can only be provided to a given individual once in a 12 month period.
The Foundation occasionally awards grants to local organizations engaged in community development and support for those in need. Such grants are only awarded for a specific project or purpose, and preference is given to organizations that serve the communities of Mount Olivet UMC, Arlington County VA, or Northern Virginia (in order of preference).
Loans, currently provided at no interest, are made primarily to high school students entering college, as well as to candidates pursuing graduate degrees. Loans are in the $1,000 to $10,000 range and are approved for the academic year. If academic and repayment performance is satisfactory, requests for additional loans can be considered.
For both grants and loans, awards are based on need, and preference is given to individuals connected to the Mount Olivet UMC community. Merit is an important criterion, as is a commitment to the work of the Methodist Church in the USA or overseas. As funding permits, the Board has provided awards to outstanding persons in the USA and abroad, engaged in transformational endeavors. Grants and loans are considered at Board meetings in January, April, July and October. Applications are due in the Foundation by the end of the month preceding the Board meeting. The summer quarter is the most competitive.
To apply for a loan or grant, follow the instructions on the Forms Page and download an application form (in .docx or .pdf format). Grant and loan applications should be emailed to mofoundation.contact@gmail.com. If you are applying for a loan, the "Loan Agreement" (page 6 at the end of the application form) should be signed and sent via US Mail to: Mount Olivet Foundation, 1500 N. Glebe Road, Arlington, VA 22207.
LOAN REPAYMENTS -- You can make loan payments by check or ACH transfers from your bank to the Foundation at the address noted above.
