Mission Investment Fund

What Mission Investment Fund does

Mission Investment Fund (MIF) is a Minnesota-incorporated non-profit financial ministry of the Evangelical Lutheran Church in America (ELCA), founded in 1987 and headquartered in Chicago, Illinois. The organization provides loans to ELCA congregations and affiliated ministries for church building construction, renovations, land purchases, accessibility projects, green initiatives, and refinancing, alongside a suite of investment products for individuals and ministries. Its core offering includes long-term secured loans (over $100,000, up to 25-year terms with first-position liens), small project unsecured loans (typically referred to ELCA Federal Credit Union when under $100,000), and construction loans with interest-only draw periods.

MIF operates a unified digital platform consisting of MIF Online (web-based account management) and MIF Mobile (iOS and Android applications supporting balance checks, transfers, mobile check deposit, bill pay, and rate viewing). On the liability side, MIF accepts Term Investments, Demand Investments, MIF4KIDZ accounts (children's savings with a $50 minimum), Retirement Savings, and Education Accounts from individuals and ministries, with $547.5M in deposits across 11,322 investors as of year-end 2024. The investor base directly funds the $610.5M loan portfolio, creating an internal capital-matching model with no external wholesale funding dependency.

The organization employs 101–250 staff and distributes products through regional managers embedded in ELCA's geographic footprint, supplemented by phone-based customer service, self-service digital channels, and referrals through the ELCA church network. MIF is governed by a Board of Trustees chaired by Paul Opgrande and led by President and CEO Eva M. Roby. Reported FY2024 interest income was $32.086M, supported by $774.6M in total assets, $212.8M in net assets, and a 27.5% capital ratio. MIF transferred $2.6M in ministry support to the ELCA Churchwide Organization in 2024, reinforcing its non-profit, mission-aligned operating model.

Name

Mission Investment Fund

Legal name

Mission Investment Fund of the Evangelical Lutheran Church in America

Website

https://mif.elca.org

Company type

Private

Founded year

1987

Operating status

Operating

Headcount range

101–250 employees

Short description

Mission Investment Fund is a non-profit financial ministry of the ELCA that provides building loans to Lutheran congregations and ministries and accepts deposits from individual and institutional investors within the church network.

Ownership category

akta.pro rank

Product category

Faith-Based Lending and Investment Services

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Other Financial Vehicles (525990)

SIC

Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

Impact Investment & Development Investment Funds (BPADACAO)

akta.pro secondary industry

Money Market Funds (FSAAAEAC)

Keywords

• Church building loans
• Faith-based lending
• Ministry investment products
• Religious organization financing
• ELCA financial services

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Interest Income from Loans: MIF provides loans to ELCA congregations and ministries for building projects, renovations, land purchases, and refinancing. Revenue is generated through interest charged on these loans.
2. Investment Products: MIF offers investment products including Term Investments, Demand Investments, MIF4KIDZ accounts, Retirement Savings, and Education Accounts for individuals and ministries. Returns are paid to investors.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

Mission Investment Fund (MIF) is a financial ministry of the Evangelical Lutheran Church in America (ELCA) that provides loans to ELCA congregations and related ministries for building projects, renovations, land purchases, and refinancing, and offers investment products (Term Investments, Demand Investments, MIF4KIDZ, Retirement Savings, Education Accounts) to individuals and ministries. Investor deposits fund the loan portfolio, with capital redeployed back into ELCA ministries.

Product overview

Mission Investment Fund operates as a financial ministry of the ELCA offering a unified suite of investment and loan products. The core offerings include MIF Online (web-based banking) and MIF Mobile (iOS/Android app) for account management, alongside investment products (Term Investments, Demand Investments, MIF4KIDZ, Retirement Savings, Education Accounts) and loan products (Long-Term Secured Loans, Small Project Unsecured Loans, Construction Loans). These products are interconnected: investor deposits fund the loan portfolio, enabling ELCA congregations and ministries to borrow for building projects, renovations, and refinancing. The digital banking platforms (MIF Online and MIF Mobile) provide unified access to all investment and loan accounts.

Differentiator

Problem solved

Functional benefit

Brands

• MIF4KIDZ: Special savings account for children that can be purchased before age 16 and matures at the age of majority
• MIF Online
• MIF Mobile

Products and services

• MIF Mobile Official mobile banking app of Mission Investment Fund enabling users to access accounts, view transaction history, transfer funds, deposit checks, pay bills, and view rates on iOS and Android devices.
• MIF Online Online banking platform enabling customers to securely access investment and loan accounts, view documents, and manage finances through a web browser.
• Term Investments Fixed-rate term investment accounts for individuals and ministries with competitive interest rates and various maturity options, allowing investors to grow savings while funding church building loans.
• Demand Investments Flexible investment accounts allowing investors to withdraw funds on demand while earning competitive interest rates, with funds supporting ELCA ministry lending.
• MIF4KIDZ Special savings investment account for children under 16 years old, designed to mature at age 18 or 21 to help pay for college or other expenses, with a $50 minimum investment.
• Retirement Savings Investments Investment accounts designed to help individuals save for retirement while supporting ELCA ministry loans.
• Education Account Investments Education savings accounts helping families save for a child's education while supporting ministry lending.
• MIF Long-Term Loan (Secured) Loans over $100,000 with terms up to 25 years, secured with a first-position lien on ministry property, designed for major building projects and renovations.
• MIF Small Project Loan (Unsecured) Loans under $100,000 typically referred to ELCA Federal Credit Union, usually unsecured, using promissory notes rather than mortgages with no closing or title costs.
• Construction Loans Loans allowing interest-only payments during construction periods with funds disbursed as needed, designed for new building projects.

Quantifiable outcome

• Total assets of $774.6 million with $610.5 million in loans outstanding as of 2024
• +2 more outcomes

Named customers10 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Three partnerships are on record, tiered core and new.

• ELCA Federal Credit UnioncoreStrategic or Co-development PartnerMIF partners with the ELCA Federal Credit Union to provide a full suite of financial services to ministries and members. The two organizations are working together to design more integrated experiences. MIF also refers small loans (under $100,000) to the credit union.
• Lutheran Services in America Housing Solutions Leadership CirclenewStrategic or Co-development PartnerNew partnership established in 2024 to help congregations explore how underutilized property can be used for housing, improving community stability and transforming lives through faith in action.
• ELCA Churchwide OrganizationcoreOthersMIF is a financial ministry of the Evangelical Lutheran Church in America. MIF provided $2.6 million in ministry support to the ELCA Churchwide Organization in 2024.

Scale indicators7 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Church Building & Loan Fund (LCMS): Lutheran Church–Missouri Synod's denominational lending arm. Provides church building loans and investment products to LCMS congregations—directly comparable in mission, product set, and Lutheran-denomination context as MIF's sister Lutheran ministry.
• UCC Cornerstone Fund: United Church of Christ's denominational lending and investment fund. Provides church building loans and investment products to UCC congregations—directly comparable as another mainline Protestant denomination's pooled-fund lending ministry.
• Christian Community Credit Union: Faith-based credit union serving churches, ministries, and Christian individuals nationwide. Directly comparable as a values-aligned depository institution offering loans to churches and investments to faith-based depositors.
• Catholic Extension: Catholic Church-affiliated financial ministry that supports the construction and renovation of churches and ministry buildings across underserved dioceses. Directly comparable as a denomination-sponsored, mission-driven construction lender.
• Presbyterian Investment & Loan Program: PC(USA) denominational fund that provides loans for church building projects and accepts investments from individuals and congregations. Operates the same model as MIF (deposit-funded denominational lending) inside a different mainline Protestant denomination.
• Baptist Foundation: Various Baptist state and national foundations operate pooled investment and lending programs for Baptist churches, paralleling MIF's deposit-funded lending model for ELCA congregations within another major Protestant tradition.
• ELCA Federal Credit Union: The credit union of the same ELCA denomination, directly comparable as a faith-based financial institution serving the same congregations, ministries, and individuals. MIF refers loans under $100,000 to this partner, making them both collaborators and closest peers.

Emerging players

• Partners for Sacred Places: National non-profit focused on the preservation of historic religious properties, including advising congregations on financing. Comparable as a faith-based intermediary supporting church capital projects, though operating as a grant/technical-assistance model rather than direct lender.

Broad incumbents

• Self-Help Credit Union: Large CDFI credit union serving underserved communities including faith-based and non-profit borrowers. Comparable as a mission-driven, depositor-funded lender that competes for similar community development lending opportunities, though with broader geographic scope.
• Wespath Benefits and Investments (United Methodist): United Methodist Church's institutional investment and benefits entity, managing pension assets and supporting UMC clergy and institutions. Comparable as a mainline Protestant denominational financial ministry with both investment and lending functions, though with broader scope.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@mif_elca
• LinkedInlinkedin.com/company/mission-investment-fund-of-the-evangelical-lutheran-church-in-america

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mission Investment Fund