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Since the war started in Israel on Oct. 7 after Hamas’ surprise attack that displaced over 150,000 Israelis, there has been a “dramatic increase” in demand for loans and financial ....
When the banks say 'no,' Israelis in need turn to a growing nonprofit option – The Forward forward.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forward.com Daily Mail and Mail on Sunday newspapers.
Shoshanna Solomon is The Times of Israel s Startups and Business reporter In this Sept. 24, 2019, file photo people walk by a Google sign on the campus in Mountain View, California (AP Photo/Jeff Chiu, File) Not-for-profit lender The Ogen Group has received what it says is a “landmark” impact investment loan of $1 million from US tech giant Google to provide low-interest loans to small businesses throughout Israel and help them with the economic fallout of the pandemic. Google’s funds will provide an injection of capital to the organization, helping it hand out added funds to underserved small business owners and help them launch, rebuild, or expand their activities in light of the COVID-19 crisis. Google is the first international corporate impact investor to support Ogen in this way, the nonprofit said in a statement. ....
Sagi Balasha, the CEO of Ogen, formerly known as the Israel Free Loan Association (IFLA) (Courtesy) According to a report by the Finance Ministry, small businesses are still struggling to get loans via the banks. According to the data, Ogen said in a statement, businesses that generate up to NIS 10 million ($3.1 million) in revenue, “which are the beating heart of Israel’s workforce and generate more than 35% of GDP,” actually received 0.6% less bank credit in the last three months of 2020 as compared to 2019. Formerly known as the Israel Free Loan Association (IFLA), Ogen was founded in the early 1990s by the late Eliezer Jaffe, an immigrant from the US. The nonprofit provides both interest-free and low-interest loans, as well as financial guidance, to people, small businesses and nonprofits in Israel that are ill-served by the financial sector, which sees them as too small and too risky to get financing. ....