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HINDU TEMPLE LOAN PROGRAM

Be a part of this “H T Loan” program and support this great cause

 SHTCC proposes to borrow much needed money from the membership and community at large.
Loan Program Details:
-  Loan amount in units of $5000
 5 year term loan with 1% interest
-  Interest payable annually
-  Principal to be repaid in 6th year
-  Authorized  members of SHTCC Board will sign the promissory note on behalf of the  organization
-  HT Loan is a good faith unsecured loan
-  Any  willing member can issue a check or bank draft to SHTCC to participate in the
“HT Loan” program.  Interest accrual will begin from the date of issuance of the “HT Loan” promissory note and interest will be paid on the anniversary
dates
-  SHTCC reserves the right to limit such borrowings at any time and phase the borrowings in multiple ensuing months from members
  SHTCC 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 SHTCC  website
-  Finally, “HT Loan” is strictly a loan and  SHTCC board is committed to full repayment of all the money borrowed through  this program
 
This project will preserve the rich heritage of Hindu religion and  culture and benefit generations of Saratogans and Bay area residents not only the current generation but also future generations  to come.

FREQUENTLY ASKED QUESTIONS

Q. Why is  SHTCC announcing this "HT Loan" program now?
A. Since the  formation of this organization in 2012, the SHTCC Committee has been diligently  working towards the goal of a Saratoga Hindu Temple in Saratoga. SHTCC organization has  explored many financing options for the past one year.  Due to unique  market conditions, the traditional financing options ( banks, 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 Saratoga Hindu Temple is  quite overwhelming. This is what is motivating the SHTCC organization to quickly  launch this program and we believe HT Loan is a great way to accelerate our SHTCC  Temple project.
  
Q. Will my money be  safe?
A. The SHTCC organization is fully committed to repaying all money  borrowed from members and community at large through the HT 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 HT 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 SHTCC make arrangements to work with such special needs of  lenders?
A. As a uniform policy, our promissory note for all HT Loans  raised will specify a 5 year term. The SHTCC 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  HT Loan units that they  could lend to SHTCC.

Q. Will you be asking the lenders at a later stage to consider  converting their lendings to donations?
A. SHTCC is quite clear in  announcing the intent of this loan program. HT 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 HT Loan program to convert the loan to donations.
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MAILING ADDRESS: SHTCC  P O BOX 2623, SARATOGA CA 95070-062
ADDRESS: 2344A Walsh Avenue, Santa Clara, CA 95051
PHONE: (408) 634-0295

                                                                           ____________________________________________________________________________________________
                                                                              SHTCC is a Non-Profit 501C3 Organization, Tax Id  46-1442459

                                                                                               ADDRESS: 2344A Walsh Ave, Santa Clara, CA 95051
                                                                                              Our home page -  http://www.saratogatemple.org
                                                                                Our Facebook page -   https://www.facebook.com/SaratogaTemple
                                                                             Our google group -   http://groups.google.com/group/SaratogaTemple
                                                                                                            Email -  saratogatemple<at>gmail.com

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