ABN AMRO MeesPierson is pressing ahead with its crowd-funding initiative for religious institutions. ABN AMRO’s private bank has selected projects in Sittard, Dokkum, Arnhem, Hoek and Soest (the Netherlands) to benefit from the initiative in September. In 2014, ABN AMRO MeesPierson launched a successful crowd-funding pilot project to raise money for the restoration of the buttresses on Saint Martin’s Cathedral in Utrecht (Dom Church), which raised over 50,000 euros.
ABN AMRO MeesPierson has now selected the following religious institutions for similar projects:
- Our Lady of the Sacred Heart Basilica in Sittard
The basilica is hoping to raise 50,000 euros for the restoration of the church tower.
- Organ Fund of the Oude Kerk in Soest
A target of 85,000 euros has been set for the restoration and reinstallation of the monumental organ.
- Parish Church of St Martin and St Boniface and Companions in Dokkum
The church has set a target of 50,000 euros to fund the restoration of the tower.
- Eusebius Foundation in Arnhem
The Eusebius Church wishes to raise 50,000 euros to restore the sculptures on the north facade.
- Parish of Hoek
The parish wants to raise 50,000 euros to restore the tower and clock of the local church, both of which were seriously damaged by fire.
Mark van Keeken, Director Relationship Management ABN AMRO MeesPierson Institutions & Charities: ‘The pilot project for the Dom Church in Utrecht was immensely successful, comfortably exceeding its designated target of 50,000 euros. We therefore have every confidence that the crowd-funding formula can also work well for smaller religious institutions. ABN AMRO MeesPierson aims to use crowd-funding to explore new innovative sources of funding for religious institutions. By offering our advice and support for these projects, we are giving our customers an extra service.’
Income under pressure
Crowd-funding is an alternative financing method based on direct contact between the investor and the recipient. The potential revenue raised through crowd-funding is of immense value for churches, which have seen their income shrink in recent years. They are therefore looking for new, contemporary initiatives to boost their revenue. Crowd-funding ties in very well with this, since it is not just about recruiting capital but has also proved a good way of getting new target groups – other than regular church-goers - interested in religious institutions. In recognition of their financial contribution, the investors are given something in return by the churches they have helped.
ABN AMRO MeesPierson Institutions & Charities
Institutions & Charities is part of ABN AMRO MeesPierson, the private bank of ABN AMRO, which provides a service to larger non-profit organisations. Its four main focus groups are fund-raising institutions, charitable trusts, educational charities and religious institutions. Institutions & Charities provides religious institutions with payment, investment and asset management services.