Herzog honors JFNA fund that provided $240m. in loans to Israeli businesses
JFNA established the Israel Small Business Loan Fund in the months following October 7, 2023, as part of its Israel Emergency Campaign, which ultimately raised more than $900m.
President Isaac Herzog honored a Jewish Federations of North America (JFNA) initiative at his Jerusalem residence, recognizing the fund's provision of over $240 million in loans to Israeli small businesses since the October 7 massacre. The loans supported approximately 28,000 jobs and benefited businesses in various sectors, including tourism, hospitality, and those owned by reservists and those displaced from border communities.
JFNA established the Israel Small Business Loan Fund in the aftermath of the conflict, leveraging philanthropic capital and additional bank financing to facilitate the lending. The organization reported that about 48% of the loans went to businesses in northern Israel, particularly near the Gaza border and the northern Negev. Business owners highlighted the importance of affordable credit in navigating the challenges posed by the war, with some borrowers citing difficulties such as evacuation, reserve service, and declining revenues.
The initiative operates through five lending platforms, providing short-term working capital, low-interest and interest-free loans, and business mentoring to support the affected enterprises.
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