Jewish Federations of North America allocated money to support small businesses in Israel

Jewish Federations of North America (JFNA) created an emergency loan fund to inject hundreds of millions of dollars into the Israeli economy. The fund will provide vital support to small businesses in Israel that have been severely affected by the war and currently do not have access to traditional bank loans.

Photo: iStock.com/Feodora Chiosea

Israel is experiencing a massive economic crisis. According to some indicators, the income of 25% of all small businesses fell by more than 50%, while the income of 77% of small businesses in the north and south of Israel fell by more than 50%.

The loan fund's goal is to raise $100 million in philanthropic investment capital in partnership with Jewish federations, foundations and other donors. More than half of this amount has already been collected.

The lending fund's charitable resources will be distributed among vetted non-bank lending platforms, each of which provides loans to small businesses in a specific sector of the economy. These allocations will allow lending platforms to provide loans at lower interest rates and cover the risk of default by receiving additional lending support from banks.

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“The capital we are providing to support Israel's small businesses will play a vital role in the post-October 2023 economic recovery, ensuring that many small business owners will survive this challenging situation by providing jobs and income,” said Jeff Schoenfeld, co-chairman of the credit fund Jewish Federations of North America.

In addition to the loan fund, the Jewish Federations' emergency fundraising campaign for Israel has raised more than $783 million. About $385 million has already been allocated for humanitarian needs and economic support.

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