Jump to content

Hebrew Free Loan Association of Northeast Ohio

From Wikipedia, the free encyclopedia

This is an old revision of this page, as edited by Dexbot (talk | contribs) at 20:48, 26 August 2016 (Bot: Using official website template). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

Hebrew Free Loan Association of Northeast Ohio
FoundedSeptember 1904
FounderCharles Ettinger, Nathan L. Holstein, Max Kolinsky, Joseph Morgenstern, Samuel Rocker, Louis E. Siegelstein, Isaac Spectorsky
FocusInterest-free lending
Location
Key people
David Edelman (President), Michal Marcus (Program Director)
Employees2
Websitehflaclev.org

Hebrew Free Loan Association of Northeast Ohio (HFLA) is a non-sectarian 501(c)(3) non-profit organization that loans money interest-free to people who do not have easy access to other capital. The organization has made over 25,000 interest-free loans in Northeast Ohio.[1] Between 97% to 99% of all funds loaned are repaid. [2]

History

HFLA was founded in 1904 with $501 in capital donated by Morris A. Black, Charles Ettinger and Herman Stern. In the first year, loans ranged from $10 to $37 and were all repaid in full. In 1909, the organization made 700 loans, including 288 for peddling and huckstering, 86 for renting or purchasing horses and wagons, 119 for supply stores or pushcarts, 42 for starting a business, 62 for emigration purposes, 42 for hiring carpenters or painters, 18 for tools for mechanics, and 43 for tuition or other uses.[3]

All loans are interest-free based on a Jewish biblical tradition. “If you go to the Torah, the highest form of tzedakah is not giving someone a gift of money, it’s giving someone the ability to help themselves,” said David Edelman, President of the Association. “Giving someone an interest-free loan is considered one of the highest forms of charity.”[1]

In 1982, the Hebrew Free Loan Association of Northeast Ohio became an independent member of International Association of Hebrew Free Loans.[2]

Loan Program

HFLA offers loans of up to $12,000. Borrowers and co-signers must live in Northeast Ohio. One co-signer is required for every $4,000 that is borrowed. HFLA lends money for many purposes, including but not limited to:[4]

Awards

In 1984, HFLA received the Isaiah Award for Human Relations from the Cleveland Chapter of the American Jewish Committee.[2]

References

  1. ^ a b Mott, Kristen "Hebrew Free Loan Association to mark 110 years Nov. 15", Cleveland Jewish News, Cleveland, October 8, 2014
  2. ^ a b c http://ech.case.edu/cgi/article.pl?id=HFLA
  3. ^ http://www.hflaclev.org/2013/11/06/HFLA%20100%20Years.pdf
  4. ^ http://www.hflaclev.org/loan-requirements/
  5. ^ Harris, Sheryl "Group offers interest-free loans to senior citizens struggling with payday debts", Cleveland Plain Dealer, Cleveland, September 9, 2014
Retrieved from "https://en.wikipedia.org/w/index.php?title=Hebrew_Free_Loan_Association_of_Northeast_Ohio&oldid=736343821"