(April 2, 2020 / Israel Hayom) The Jewish Agency for Israel and the Ogen–Social Loan Fund, a not-for-profit lending fund, are launching an emergency fund for nonprofits to assist organizations suffering financially from the coronavirus crisis, the organizations said in a press release on Wednesday.
There are around 16,000 nonprofit organizations in Israel. They employ hundreds of thousands of people—accounting for 16 percent of Israel’s labor force—and account for 6 percent of Israel’s GDP.
Following three national elections and in the absence of a national budget for 2020, the nonprofit sector has been operating under conditions of uncertainty that have affected its ability to provide even basic services. The COVID-19 shutdown has only increased this uncertainty, and drops in the stock market are expected to affect the private donors and foundations upon whom the organizations rely for their fundraising.
Since the beginning of March, tens of thousands of nonprofit organization employees have been laid off. There has been a surge in the number of organizations seeking emergency loans. This includes nonprofits that serve Israel’s most vulnerable: at-risk youth, battered women, the elderly, people with disabilities, populations with special needs and more.
The Emergency Fund for Nonprofits program includes provisions for immediate loans at a 3 percent interest rate, as well as loans of up to NIS 400,000 ($112,000) for up to 60 months, with a six-month grace period, both with no requirement for guarantors. The loans can be applied for via a simple online process.
In addition, Ogen is also offering bridge loans payable within 12 months, secured against government agreements, grants or other non-government funding commitments.
“The special terms for these loans were made possible by generous support from Bob and Trudy Gottesman, Lillian and Moris Tabacinic, the Jewish Federations of North America (JFNA) and the Federations of New York, Greater Miami, Detroit and Pittsburgh, and by Israeli supporters the Migdal Group, Boaz Raam and Shuki Ehrlich,” said the Jewish Agency in a statement.
Loan applications are available via the Ogen website: www.ogen.org.
This article first appeared in Israel Hayom.
Support Jewish Journalism
with 2020 Vision
One of the most intriguing stories of the sudden Coronavirus crisis is the role of the internet. With individuals forced into home quarantine, most are turning further online for information, education and social interaction.
JNS's influence and readership are growing exponentially, and our positioning sets us apart. Most Jewish media are advocating increasingly biased progressive political and social agendas. JNS is providing more and more readers with a welcome alternative and an ideological home.
During this crisis, JNS continues working overtime. We are being relied upon to tell the story of this crisis as it affects Israel and the global Jewish community, and explain the extraordinary political developments taking place in parallel.
Our ability to thrive in 2020 and beyond depends on the generosity of committed readers and supporters. Monthly donations in particular go a long way in helping us sustain our operations. We greatly appreciate any contributions you can make during these challenging times. We thank you for your ongoing support and wish you blessings for good health and peace of mind.