COVID-19 Resources for Northeast Ohio

COVID-19 Resources for Northeast Ohio

HFLA of Northeast Ohio aims to bring resources that are relevant to the community it serves. This is not a replacement for 211 or existing community resource guides in your community. It is highly suggested you look at and support existing local resources. 
HFLA of Northeast Ohio has not vetted all of these organizations or offerings––these are provided as-is. If you have any comments, or contributions to this list please contact us at team@interstfree.org – subject: COVID-19 Resources. 

For the most accurate and up to date information on the Coronavirus (COVID-19) in Ohio visit the Ohio Department of Health 

Federal and National Resources

Greater Ohio Resources

Cleveland Area Food Resources: 

Northeast Ohio Resources

Small Business Resources


Cleveland Jewish News: HFLA Offers Expedited Loans

HFLA offers expedited loans up to $1,500 for those impacted by COVID-19

After Gov. Mike DeWine closed all Ohio schools March 12, the Hebrew Free Loan Association Of Northeast Ohio didn’t waste time enacting an expedited emergency loan program, which loans individuals up to $1,500 interest free.

The next day, the Beachwood-based organization received 60 calls, and the number only increased after bars and restaurants were ordered to shut down in the days following.

The loans are meant for Northeast Ohioans who have been impacted in some way by the COVID-19 pandemic, whether that means loss of income, a sudden need for funds to pay for child care or another need. 

Executive Director Michal Marcus said the organization typically requires a guarantor on loans it offers up to $10,000. For the expedited $1,500 loans, all that’s required to apply is an application and documentation. 

“These are being written directly to individuals because we know if you are a restaurant worker, or in some type of service industry that isn’t working now and you aren’t getting income, you are going to need that money to buy groceries, you are going to need that money to pay a babysitter,” Marcus said. “There are needs where we can’t write it directly to the source of need.”

In the first week of expedited loans, HFLA was able to provide same-day turnaround on the loans once an application was complete and a promissory note was signed. HFLA is using DocuSign so the loans can be signed electronically.

Marcus said because her organization is now working remotely, checks could take three to five days to appear for loans because “it’s coming directly from the bank and we are trying to have as little physical touch as possible.”

In the first week of the program, Marcus said she saw “a lot of anxiety” around the impact of the pandemic and the unknown end date. 

She said the first person to receive an emergency loan was a single mother working at University Hospitals who now needs to pay for child care since her children are out of school. More loans went to those in the restaurant industry, and she’s been contacted by substitute teachers who don’t get paid if they aren’t in school. 

The HFLA expedited loans are generally targeted toward individuals, although Marcus said small businesses are also likely to suffer and need larger loans. 

Marcus also said she was grateful for HFLA’s supporters who have reached out to ask how they can help the organization continue on its path. 

“That has been kind of heartwarming to know – seeing how much people care,” she said. “And we do need it, our funds will run out.”

For more information, visit interestfree.org.


Coronavirus (COVID-19) Emergency Fund Press Release

If you DO NOT have the ability to print and scan or fax, please contact us for an alternative application. 

Contact Us

If you have the ability to print and scan or fax documents, you may access the .pdf version of the COVID-19 Emergency Loan Application below

COVID-19 Emergency Loan Application (ENGLISH)COVID-19 Emergency Loan Application (SPANISH)

FOR IMMEDIATE RELEASE

Michal Marcus (HFLA)

Tel: 216-378-9042

Email: michal@interestfree.org

Coronavirus interest-free loan fund

Cleveland, Ohio (March 12, 2020) –

By now we have all heard about the evolving impacts from the coronavirus (COVID-19) across the globe. For many of us, the effects have shifted from a piece of news to a part of life.

Along with health concerns, there are many unfortunate financial implications: events are being canceled, restaurants are left empty, and people unable to go to work as they live through their quarantine, to name a few. For many working people in Northeast Ohio and the surrounding this can quickly lead to financial crisis.

To meet this need, the HFLA of Northeast Ohio will be offering interest-free loans for those affected economically by the coronavirus who live in Northeast Ohio.

HFLA will provide expedited Interest-free loans of up to $1,500 for purposes including (but not limited to):

  • Lost wages due to being unable to go to work
  • Child care costs due to school closures
  • Related medical costs

To apply, borrowers should contact HFLA at 216-378-9042 or email team@interestfree.org specifying that the request is for coronavirus related needs.

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About HFLA of Northeast Ohio

HFLA of Northeast Ohio was founded in 1904 with $501 donated by Charles Ettinger, Morris Black, and their friends to help European refugees settle and begin productive lives in this country. They believed – as we do now – that if you give someone a chance to succeed, they will pay it back and we can continue this transformative cycle. The same principle guides the organization today. By providing interest-free loans to individuals, families, and small businesses in the Northeast Ohio area, we are able to help people help themselves. The association has drastically increased its lending capital in the past few years from individual gifts, bequests, endowments, foundation grants, memorials and honorariums and is now operating with a loan fund of over $1 million. HFLA is a 501(c)3 non-profit organization. Learn more about HFLA.

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What is Predatory Lending?

I  Get It:  Payday and Online Business Loans are Bad – But I Need One!

As a nonprofit that provides interest-free loans, too often we see that our applicants are burdened by what we consider “predatory” loans and credit cards.

Predatory loans or credit cards have excessive interest rates, or interest rates that are much higher than the average. Typical Annual Percentage Rates (APRs) for a credit card can be around 15-18%, whereas predatory credit cards have APRs from 20-29%. A predatory rate for personal or car loans is generally over 18%. These interest rates result in unaffordable payments, excessively long loan terms, and/or debt that seems impossible to get out from under. They are designed this way; for corporations to make money off of lending money.

Predatory lending includes payday and auto title loans. Our Executive Director fought tirelessly with the Ohioans for Payday Loan Reform Coalition to place a percentage cap on payday lending interest rates to stop this cycle of preying on financially insecure individuals. Despite these recent sanctions, Ohioans are still at risk of predatory loan rates. We often see people get into trouble by taking out loans through online lenders that originate outside of Ohio where these sanctions do not apply. Some of these loans bear interest in the triple digits! We have seen interest rates well over 500% from these online loans. HFLA’s program staff helped a woman get out of a loan with a 638% APR just last week.

Before you take out a high interest rate loan, read this article.

Every week, we speak to people who are burdened by high interest predatory loans. We realize that often the only choice that many people have when it comes to getting the financing that they need. For many people, this could be the first time they have ever been able to get financed due to poor credit history, or no credit history.

In their excitement to solve their pressing financial issue, the high interest rate or bi-weekly payment schedule is overlooked.  Predatory lending preys on desperate situations and bad timing. They are financing options disguised and advertised as “good opportunities” to those who have bad credit and even promote “credit building” as a part of the lure. The reality is that they often force people to borrow more than they need, and the repayment can lead to a downward spiral of debt that is almost impossible to get back out of.

Individuals seeking personal loans are not the only ones at risk of predatory lenders. Small business owners have become a new target for high-interest lending. Business loans are typically very hard to get, especially for startup companies. Predatory interest rates–typically found from online lenders–can be up to 49% APR.

Our call to action:  Always be wary of any financing option you apply for.

1. If someone solicits you for a loan or credit card — RED FLAG — this is likely predatory.
    • Someone is trying to seek you out to give you money? Sounds too good to be true! Probably because they are going to make money off of you.
2. Read through the terms and conditions of the loan or credit card you are applying for.
    • Look for the Truth in Lending Act (TILA) in the document. This page will list the amount financed, the finance charge, the Annual Percentage Rate, and what the total amount of the payments will be at the end of the loan.
3. If you are currently having trouble managing your debt or have high interest rates on your loan or credit cards: Seek out help from a free financial counselor or coach today!


Here are some of the financial counseling services offered by nonprofits in the Northeast Ohio Region that we recommend:

  1. Cleveland Neighborhood Progress – communityfinancialcenters.org
  2. ESOP at Benjamin Rose Institute on Aging (for seniors and housing) – esop-cleveland.org
  3. United Way’s Financial Empowerment Center (FEC) – uwsummit.org/FEC
  4. CHN Housing Partners – chnhousingpartners.org

Resources for small business owners:

  1. ECDI (throughout Ohio) & the Women’s Business Center – ECDI.org
  2. Ohio Small Business Development Centers (SBDCs) – clients.ohiosbdc.ohio.gov
  3. SCORE – score.org


About HFLA of Northeast Ohio

HFLA of Northeast Ohio was founded in 1904 with $501 donated by Charles Ettinger, Morris Black, and their friends to help European refugees settle and begin productive lives in this country. They believed – as we do now – that if you give someone a chance to succeed, they will pay it back and we can continue this transformative cycle. The same principle guides the organization today. By providing interest-free loans to individuals, families, and small businesses in the Northeast Ohio area, we are able to help people help themselves. The association has drastically increased its lending capital in the past few years from individual gifts, bequests, endowments, foundation grants, memorials and honorariums and is now operating with a loan fund of over $1 million. HFLA is a 501(c)3 non-profit organization. Learn more about HFLA.

Get involved and stay up to date by subscribing to our quarterly newsletter or following us on social media.



City of Cleveland Awards HFLA $75,000

FOR IMMEDIATE RELEASE

Michal Marcus (HFLA)

Tel: 216-378-9042

Email: michal@interestfree.org

 

City of Cleveland Awards HFLA $75,000 for a Start-up Working Capital Fund Pilot Program

 

Cleveland, Ohio (SEPTEMBER 19, 2019) – Cleveland City Council approved $75,000 in funding to partner with the nonprofit Hebrew Free Loan Association (HFLA) for the creation of a joint pilot program, Start-up Working Capital.  Working in conjunction with the City of Cleveland’s Neighborhood Retail Assistance Program, this citywide initiative will provide working capital for locally-owned retail establishments, alleviating cash flow issues associated with start-up businesses.

The program will enable HFLA to provide up to $5,000 in the form of interest-free loans for eligible small businesses located or soon to open in the City of Cleveland.

“We are thrilled that the City of Cleveland understands the impact of interest-free loans for small business entrepreneurs. This grant from the City of Cleveland Economic Development department will truly allow us to expand upon our partnership and the number of small businesses we can help with an interest-free loan and we look forward to our continued work together,” says Michal Marcus, Executive Director of HFLA.

Kevin Schmotzer, Executive of Small Business Development with the City of Cleveland’s Department of Economic Development says, “this builds upon a partnership between the City of Cleveland and HFLA that will provide additional capital to our entrepreneurs and small businesses to grow in our respective neighborhoods.”

About HFLA of Northeast Ohio

HFLA of Northeast Ohio was founded in 1904 with $501 donated by Charles Ettinger, Morris Black, and their friends to help European refugees settle and begin productive lives in this

country. They believed – as we do now – that if you give someone a chance to succeed, they will pay it back and we can continue this transformative cycle. The same principle guides the

organization today. By providing interest-free loans to individuals, families, and small businesses in the Northeast Ohio area, we are able to help people help themselves. The association has drastically increased its lending capital in the past few years from individual gifts, bequests, endowments, foundation grants, memorials and honorariums and is now operating with a loan fund of over $1 million. HFLA is a 501(c)3 non-profit organization. Learn more about HFLA.

 

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