Debt Free!

Gateway would like to celebrate a new season for our church. Since the first ground-breaking at our County Road 9 Campus on July 11 of 2004, we have never been debt-free until now. Gateway is the sole owner of both campuses: 9555 County Road 9 and 620 North Main St. Surely that is a reason to celebrate!

On December 16, 2021, we made our last and final payment to Fifth Third Bank, bringing to close our 5-year commercial loan indenture to the bank. This was the last of several loans over the years that Gateway has utilized. In all, Gateway has had a sum total of $4.9 million in loans since its inception.

To retrace the history, in 2002 Gateway paid cash to acquire 40 acres of land on County Road 9. In July of 2004, our congregation utilized a $2.5 million bond along with building construction pledges to construct our first building. This original building, which now houses all our Next Gen ministries at County Road 9, is a 36,000 sq ft building that has been used over and over to minister to countless members and attendees for the past 16 years (worship services began in the building in the spring of 2006).

On April 24, 2014, Gateway secured a $2.4 million construction loan, to add to $2,825,000 in Building Contributions, to build our current 28,500 sq ft Worship Center. This loan was paid off in short order with its retirement occurring in 2017.

In 2017, Gateway utilized cash reserves to pay for our 620 North Main property and renovate it for our second campus. That Gateway possessed the capacity to add this facility without incurring additional debt is a remarkable testament to the generosity of its people.

In 2018, we retired the 2004 bond and replaced it with a commercial loan with more favorable financial terms. This is the commercial loan that we have now retired. The new Worship Center loan was paid off in 3 years! The original loan took nearly 18 years to pay off. We acknowledge that this is a major accomplishment made possible by God’s people. We are so grateful to him and to all who contributed sacrificially to allow us and coming generations to use our beautiful campuses for his glory. Celebrate with us!!!