Jewish Federations Loan Fund Aids Israeli Small Businesses Amid War
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The Jewish Federations of North America (JFNA) has provided over $240 million in loans to more than 4,000 Israeli small and medium-sized businesses since the war began, helping to preserve an estimated 28,000 jobs. The fund, which leveraged philanthropic donations to secure bank financing, prioritized businesses in conflict zones and those owned by reservists. President Isaac Herzog praised the initiative for supporting businesses facing war-related challenges, with a significant portion of loans already repaid and re-lent.
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- Jewish Federations of North America provided over $240 million in loans to 4,132 Israeli businesses since the war.
- The loan fund is estimated to have helped preserve approximately 28,000 jobs in Israel.
- Nearly half of the loans went to businesses in northern conflict zones and the Gaza Envelope.
- President Isaac Herzog lauded the fund for supporting businesses impacted by the war.
- Less than 0.5% of the loaned capital is over a year overdue in payments.
- About $80 million in repaid loans has been re-lent to other businesses.
President Isaac Herzog hosted a special appreciation event at the President's Residence for the small business loan fund established by the Jewish Federations of North America (JFNA). Since the outbreak of the war, the fund has provided over $240 million in credit on preferential terms to 4,132 small and medium-sized businesses in Israel. This initiative is estimated to have helped preserve approximately 28,000 jobs.
The fund's economic model leveraged philanthropic capital of about $92 million, which was then used to secure four times that amount in bank financing. Nearly half of all loans, 48%, were directed to businesses located in the conflict line areas of the north, the Gaza Envelope, and the northern Negev, as well as to business owners and reservists. A notable statistic presented at the event indicated that less than 0.5% of the loaned capital is more than a year overdue in payments. Furthermore, approximately $80 million (about 257 million shekels) that has already been repaid by borrowers has been re-lent to additional businesses.
President Herzog emphasized the initiative's importance, stating, "Small and medium-sized businesses faced enormous obstacles not stemming from wrong decisions, but from the reality of the war. The fund preserves economic activity and saves livelihoods. The small businesses are the backbone of Israeli society." Beki Kaspi, Senior Vice President at the Jewish Federations, added, "North American Jewry asked the shop owner in Kiryat Shmona and the reservist what was needed for them to continue opening their doors. The answer was credit they could afford, and more than 4,000 businesses later, the borrowers themselves became part of the giving cycle."
The program operates through five financial platforms: Bizi, Daroma-Tzafona, Koret Funds, Anfen, and SparkIL. These platforms provide credit and professional guidance to various target groups, including businesses owned by reservists, evacuees, and disadvantaged populations. Surveys among borrowers on the "Bizi" platform showed that 71% reported higher incomes compared to the year before receiving the loan, and 96% managed to maintain or expand their workforce.
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