The St. Louis Jewish Loan Association (STLJLA), along with its 16 other nationwide partners, is providing over $3.4 million in an interest-free loan for emergency financial assistance to Israeli individuals and families in the Jewish state.
Last April, the Jewish Federation of St. Louis relaunched the interest-free loan program, which was originally intended for the local Jewish community. This year, it expanded to include Israelis.
The 17 loan programs known as the International Association of Jewish Free Loans (IAJFL) are assisting those in need in Israel because the war against Hamas has thrown Israel’s economy into turmoil. According to a study released by the Taub Center for Social Policy Studies, the Israeli economy is expected to shrink by 2% this quarter.
“More than 360,000 reservists have been called to active duty, away from their jobs and families. Small business owners across the country, especially in the South near Gaza, are unable to conduct business as usual. Thousands have lost their homes, loved ones, and/or livelihoods,” the IAJFL said in a statement.
Locally, the St. Louis Federation says the STLJA contributed $25,000 to the overall loan. The New York community led all partners with a donation of $1 million.
In support of the U.S. efforts, Ogen, a nonprofit social lending enterprise in Israel, has launched Swords of Iron Emergency Relief Fund. Ogen will provide interest-free loans to assist tens of thousands of Israelis who have been displaced from their homes or who are facing other economic challenges caused by the war. Loans will support those who:
- Lost their possessions or their homes in the terrorist attacks
- Lost their sources of income due to the acks or the subsequent impacts of war
- Are living in conflict zones
The funds IAJFL agencies are lending to Ogen will be used to provide individuals and families with interest-free emergency relief loans of up to 60,000 shekels (approximately $15,500). Ogen will repay IAJFL and the participating agencies within 5 ½ years.
