PEF is pleased to announce its participation in the creation of the Ogen Social Loan Fund. This emergency fund for Israeli nonprofits was launched to assist organizations affected by the coronavirus crisis and was launched by PEF approved charity Ogen-FreeLoan Fund and the Jewish Agency for Israel (JAFI). The fund will offer loans of up to NIS 400,000 at a 3% interest rate, for a period of up to 60 months, with a six-month grace period and without guarantors.
To finance the initiative, Ogen allocated NIS 30 million NIS in lending capital. JAFI allocated NIS 3m. from philanthropic sources toward guaranteeing the loans. The two organizations raised another NIS 3m. from Ogen donors, including the Migdal Group, and are continuing work to expand the budget.
The initiative includes financial consulting services to help nonprofit CEOs plan for challenges ahead. These come courtesy of Keren-Shemesh (Ogen Group), The Jewish Agency and Israel Venture Network (IVN).
The loans’ subsidized terms were made possible by generous support from Bob and Trudy Gottesman, P.E.F. Israel Endowment Funds, Lillian and Moris Tabacinic, The Jewish Federations of North America (JFNA) and the Federations of New York, Greater Miami, Detroit and Pittsburgh, and in Israel by the Migdal Group, Boaz Raam and Shuki Ehrlich.
“Nonprofit organizations make enormous social and economic contributions to Israel’s economy and we must help them get through this crisis,” said Sagi Balasha, CEO of Ogen Group.
“I’m glad the Jewish communities of North America saw the importance of this process and responded to our call with such great generosity,” said Amira Ahronoviz, CEO of The Jewish Agency.
Loan applications are available at www.ogen.org or 972-02.530.0780.
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