Buckeye & Fairfax Neighborhood Loan Fund

HFLA of Northeast receives an award of $30,000 from The George Gund Foundation to grant interest free loans in the Buckeye and Fairfax neighborhoods. Potential borrowers will be referred to HFLA via several community partners such as Cleveland Neighborhood Progress through their credit building alliance and the Key Financial Education Center as well as through PNC Fairfax Connection and in partnership with Operation Hope.

These funds will allow HFLA in collaboration with other local nonprofits to help with community development in these neighborhoods by helping individuals in need. These funds enable HFLA to expand on what they have already successfully been doing for 111 years in Northeast Ohio, interest free lending for low to moderate income individuals without access to conventional funds.

HFLA’s pace of lending more than doubled from 2014 to this year. The organization has seen growing demand for loans to help potential borrowers escape from predatory lending situations, advance careers through education and the ability to secure vehicles to have transportation for jobs. An interest free loan can often be the difference between keeping your job; being able to support oneself; allowing an entrepreneur the funds to start a business or pay the last needed dollars for college. Interest free lending allows people to help themselves, live with dignity and strengthens Northeast Ohio’s economy.

For more information got to our website, www.interestfree.org or call 216-378-9042 or email, team@interestfree.org

For information on becoming an HFLA donor, click here to visit our donor platform, where giving is easier and more compelling than ever.

Lending Interest free since 1904

Planting seeds, growing communities


Cleveland Foundation Awards HFLA $35,000 Grant for Capacity Building

 

FOR IMMEDIATE RELEASE - October 20, 2015

The Cleveland Foundation Awards $35,000 grant to HFLA

The Cleveland Foundation awarded a $35,000 grant to the HFLA of Northeast Ohio to expand its interest-free lending program for Northeast Ohioans.

HFLA’s pace of lending more than doubled from 2014 to this year. The organization has seen growing demand for loans to help clients escape from predatory loans, advance careers through education and the ability to secure vehicles to have transportation for jobs.

Founded in 1904, HFLA supports Northeast Ohioans with a genuine need and the ability repay but no access to conventional funding. With a repayment rate over 97%, the funds lent out are repaid and re-lent over generations.

The grant from the Cleveland Foundation will enable HFLA to invest in loan software and staffing to continue to increase the volume of new loans and manage existing ones.

“The Cleveland Foundation is pleased that our grant will enhance HFLA’s ability to provide interest-free lending options to our community’s most vulnerable residents,” said Kathleen Hallissey, Director of Community Responsive Grantmaking at the Cleveland Foundation.

Over 111 years, HFLA has provided over 26,000 interest free loans in response to the diverse needs of capable and able people without access to capital.

While the local economy has improved, there are still individuals who need support from the Hebrew Free Loan Association. Though the name of the organization reflects its Jewish heritage and ideals, loans are made to individuals on a non-sectarian basis.

Lending interest free since 1904

If you would like more information about this topic, please contact Michal Marcus at 216-378-9042 or email at michal@interestfree.org.

To become an HFLA donor, click here to visit our donor platform, where giving is easier and more compelling than ever.


Amazon Smile: .5% of Your Purchase Supports HFLA

Amazon.com has a new program that donates a half percent of your order to charity. To help, just shop through this link: http://smile.amazon.com/ch/34-0281800.


100 Years of Free Loans History (Download)

For the 110th anniversary of the Hebrew Free Loan of Cleveland, a historian pored through our past and created HFLA 100 Years (pdf).

This remarkable document begins with the history of Free Loans in the Jewish faith. It goes on to the founding of the HFLA in 1904 with $501 in donations. The mission: to lend a helping hand to help new immigrants get established. 

What was the purpose of these early loans? In 1909, it was as follows:

  • Peddling and huckstering - 288 loans
  • Renting/purchasing hoses and/or wagons - 86 loans
  • Supply stores or stands [pushcarts] - 119 loans
  • Start a business - 42 loans
  • Emigration purposes - 62 loans
  • Hire carpenter and/or painters - 42 loans
  • Tools for mechanics - 42 loans
  • Tuition for students - 43 loans
(Interesting fact: peddling meant selling door-to-door while huckstering meant conducting business directly from a horse-drawn wagon.)
The document goes on to trace the ebbs and flows of the organization for the rest of its first 100 years. Enjoy!