17 April, 2024

Louisville Bible College Eliminates Its Debt

by | 14 February, 2024 | 4 comments

Louisville (Ky.) Bible College hosted a Celebration Service on Feb. 3 at Life Bridge Christian Church adjacent to the LBC campus, wrapping up the college’s 75th anniversary observance in 2023.  

Since 1948, Louisville Bible College has been committed to “Educating preachers and other Christian leaders for Christ’s church.” Due to a debt load of hundreds of thousands of dollars, LBC did not hold classes in 2015-16. However, under the leadership of Dr. Tom Mobley, who returned for a second tenure as president of LBC, the college “rebooted” with classes resuming in the fall of 2016.   

Eliminating all college debt was a key factor in the rebooting process. In 2018, Christian Financial Resources entered into a 15-year loan agreement with LBC to underwrite the college’s indebtedness. LBC was able to pay ahead on the loan and in November 2022 refinanced the remaining debt with the Christian Restoration Association at 0 percent interest, part of CRA’s Recycled Riches program. 

John Mitchell, CRA’s executive director, said, “It was a true privilege for the Christian Restoration Association to assist LBC in their debt-free campaign by providing them with one of our Recycled Riches loans. We were thrilled to take advantage of the opportunity to partner together to advance the mission of LBC.”

In conjunction with its 75th-year anniversary, LBC launched a fund-raising campaign, “With an Eye to the Future,” to raise $75,000 to help eliminate its remaining debt. As only God can do, the goal was not only met, but enough funds were donated to erase the college debt completely!   

With its debt eliminated, the college is now looking to the future and to the effective fulfillment of its mission. A task force is currently working to present recommendations for future ministry opportunities to the Board of Regents. Special attention will be given to student recruitment, IT needs, and operational systems.  

As LBC’s bright future unfolds, President Kerry Allen and the administration team, along with the Board of Regents, recognize the gracious hand of God that has brought about this tremendous blessing, and are committed to operating debt-free in the years to come.   

4 Comments

  1. Debbie Mitchell

    Congratulations, LBC!

  2. Bob Stacy

    Praise the Lord!

  3. Michael Kelly

    This makes my heart praise God!!! Love my LBC family

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