Mar 27, 2024
On the Road to Recovery: Federations Create Israel Emergency Loan Fund to Aid Small Businesses
While much of the immediate and critical needs of Israelis are being addressed following the terror attacks on October 7, there remains a long road to economic recovery. In every sector, from agriculture to high tech, tens of thousands of businesses have closed, and micro-, small- and medium-sized businesses have been the hardest hit. To help spur Israel’s economy, the Jewish Federations of North America launched the Israel Emergency Loan Fund as a lifeline to small businesses that have been severely impacted by the war and don’t have access to traditional banking credit. The fund has already raised half of its $100 million goal, thanks to partnerships with Federations, foundations and other donors. “We want to ensure that the many small businesses in Israel affected by the war will have access to much-needed capital, including those on the geographical periphery and in sectors often overlooked by the traditional banking system,” said Matthew Salter, Director of the Loan Fund. Read more here about Federation’s support of small businesses.
