WEST HARTFORD, CONN. (November 13, 2020) – As increasing numbers of people face financial setbacks, the Jewish Federation of Greater Hartford is excited to take a giant step to foster financial stability in our community, with the establishment and launch of the Jewish Free Loan Fund of Greater Hartford. The Jewish Free Loan Fund provides a hand up — not a handout — to our neighbors in need, making interest-free loans available to local individuals, families, and small businesses.
The Jewish Free Loan Fund of Greater Hartford provides interest-free loans to help members of Greater Hartford’s Jewish community overcome financial hurdles and seize new opportunities with dignity and confidentiality. This new initiative, which originated from the Jewish Hartford Rapid Relief and Recovery Fund, contributes to the economic viability of the Greater Hartford community.
Loans up to $5,000 have a term of three years, and are repaid in monthly, interest-free installments. As loans are paid back, money will be lent out again, ensuring the fund’s permanency and continual impact.
“This bold initiative was conceived during COVID-19 with a focus on alleviating the growing financial hardship experienced by many in our community,” explained David Waren, Federation’s president and CEO. “It is also an example of our commitment to leverage innovative, pandemic-inspired solutions for lasting change. The Fund will endure in perpetuity and meet the needs of succeeding generations.”
Federation is deeply grateful to the founding funders of the Jewish Free Loan Fund, Ann and Jeremy Pava, and to its major supporters, Rona Gollob and Barbara and Alan Rosenberg.
“On behalf of the founding committee of the Jewish Free Loan Fund, we thank the Jewish Federation and Jewish Community Foundation for embracing this project with such love and excitement,” said Ann Pava, chair of the Jewish Free Loan Committee. “We have an obligation to ensure a strong social safety net for everyone in our community and to maintain the utmost dignity of those in need. As Maimonides, one of the greatest rabbinic sages in history, taught, ‘A loan is better than charity because it helps one to help oneself.’ A Jewish free loan program in our community does just that.”
To continue offering interest-free loans throughout our community, the Jewish Free Loan Fund of Greater Hartford is currently accepting donations. Your tax-deductible donation provides your Jewish neighbors in need the means to tackle financial challenges, pursue dreams, and achieve self-sufficiency. To get more information, apply for a loan, or make a donation to the Jewish Free Loan Fund, please email JewishFreeLoan@jewishhartford.org.
Jewish Federation of Greater Hartford has been supporting and transforming the Jewish community since 1945. From educating children to caring for seniors, Federation touches every aspect of Jewish life here, in Israel and in 70 communities around the world. To learn more, please visit www.jewishhartford.org.