The chairman of the Jewish Agency for Israel, Maj. Gen. (Res.) Doron Almog, along with businessmen Udi Angel and Idan Ofer, have signed an agreement to establish a fund aimed at rehabilitating the tourism industry in the north of Israel through Bank Hapoalim.
The special fund, initiated by the Jewish Agency, will support businesses affected by the Swords of Iron war, helping revive a local economy in northern Israel that has suffered from months of persistent Hezbollah rocket attacks, which have forced the temporary closure of businesses and the evacuation of business owners from their homes in the region. The fund will provide business owners with quick-access loans under favorable terms to incentivize the rebuilding of businesses severely impacted by the conflict, enabling them to grow and thrive. The loans, to be distributed via Bank Hapoalim, will include a two-year grace period before repayment begins to help businesses get back on their feet.
The fund is intended to support businesses across various sectors, particularly those linked to tourism and to foster economic development in the north. The maximum loan amount per business will be 650,000 NIS ($178,000).
The prolonged conflict has led to the closure of many businesses and caused significant harm to the tourism industry in northern Israel. This joint initiative is designed to assist business owners in recovering, strengthening their operations, and restoring the vibrant tourism scene in the region, enabling citizens to explore and, once again, enjoy the beauty of the north.
The collaboration between Angel, Ofer and the Jewish Agency is part of the organization’s ongoing initiatives to fortify Israel since Oct. 7, as it has provided grants and emergency loans to thousands of businesses affected by the war. This effort was made possible through the generous support of Israeli businesspeople committed to contributing to the national recovery and rebuilding Israel’s economy.
This initiative is part of broader efforts by the Jewish Agency and its partners to support the thousands of small businesses affected by the war through emergency grants, special loans and business consultations for communities near the Gaza border and in northern Israel, as well as businesses owned by Israel Defense Forces reservists in the country.
Since Oct. 7, more than 8,000 businesses impacted by the war have received assistance from the Jewish Agency, totaling approximately 350 million NIS ($96 million). This is one of several business-assistance grants and loan funds launched by the Jewish Agency since the start of the war with support from the Jewish Federations of North America.
“I hope that following the actions of the IDF and the emerging agreement in the north, the security and confidence of northern residents in returning to their homes and businesses will be restored,” said Almog. “This new fund will provide them with the necessary lifeline and momentum to rehabilitate their businesses and the tourism industry in the north. My heartfelt thanks go to my friend Udi Angel, the banking system, and the professionals at the Jewish Agency for their dedication, creativity, faith and love in establishing this fund to give us all strength and hope for Israel’s continued growth and development.”
Angel, chairman of XT Holdings Ltd., said: “We are proud to partner with the Jewish Agency in establishing this special fund to aid in the recovery and growth of tourism businesses. Israel is blessed with a unique northern region featuring breathtaking sites and landscapes. After the challenging period endured by northern residents, we see it as a great privilege to help this region recover, strengthen and return to full activity as soon as possible.”
Pazit Garfinkel, head of retail banking and member of the board of management at Bank Hapoalim, said: “Bank Hapoalim has supported its customers throughout the war and continues to work on behalf of a wide range of clients, including business owners and self-employed individuals, who have faced a challenging time and wish to rebuild their businesses. We welcome the collaboration with the Jewish Agency in establishing this relief fund and remain committed to supporting our customers now and in the future.”