Jain Center Los Angeles CA 2008 09 Pratishta Souvenior

Author(s): Jain Center So CA Los Angeles
Publisher: USA Jain Center Southern California

Page 65

Nitin Shah
The next challenge in the expansion process was how to finance the construction of the new Jain Bhavan Complex when ICSC had only $470,000 cash available in the bank. The cost of completing Phase I was estimated to be $7 million. In April 2002, Board of Directors faced a great challenge to convince the community to go ahead with the construction. The following approach proved effective to win the community support for the project.
While browsing the 1997 JCSC Life Members Directory, I came up with an idea to compute the total gross income of our community by combining an estimated annual income for each profession listed in the directory. The combined annual gross income amounted to $50 million per year whereas our project costs amounted to only 15% of such income. The community could afford to finance the project by borrowing the funds from a commercial bank and/or individual members, and repay them with the funds raised through members' donations. The community members accepted this concept and authorized to proceed with the project.
Following an approval of a $4 million loan by Nara Bank, the construction of Phase I began in October 2002 and was completed in March 2005. A $2.2 million bank loan was re-paid from the donations and interest free loans received from the members on the very first day of inauguration. Dr. Jayesh Shah offered to extend a $1 million interest free loan to JCSC provided the community members would raise a matching amount. His challenge motivated the participants to raise an additional $1.6 million in interest free loans. The bank loan was re-paid saving ICSC large monthly interest payments. It is my hope and desire that the community members will continue to support the rest of the project with similar enthusiasm so that it can be completed in a timely manner.
Nitin Shah MD is the Past President of Jain Center of Southern California. He can be contacted at nitinshahmd@gmail.com
If you can imagine it, you can achieve it If you can dream it, you can become it
-- William Arthur Ward
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