HFLA to launch credit-building program and expand loan services with support of $42,500 Cleveland Foundation grant
The Cleveland Foundation awarded a $42,500 grant to the HFLA of Northeast Ohio to launch a credit-building program and expand HFLA’s interest-free lending program for Northeast Ohioans.
Founded in 1904, HFLA supports Northeast Ohioans with a genuine need and the ability to repay, but no access to conventional funding. HFLA recently decided to expand its wraparound services for borrowers by adding a credit-building component and training HFLA staff in financial coaching.
“The Cleveland Foundation is proud that our grant to HFLA will help underserved community residents establish and build credit, which is key to an individual’s ability to access conventional funding in the future,” said Kathleen Hallissey, Director of Community Responsive Grantmaking for the Cleveland Foundation.
The Cleveland Foundation grant will also help HFLA meet the growing demand for loans to help clients escape from predatory loans, advance careers through education and secure vehicles for transportation to jobs. In recent years, HFLA’s pace of lending has more than doubled.
Over the past 112 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. HFLA has a 97% rate of repayment by loan recipients, which is better than that of most banks.
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.
For additional information visit our website, www.interestfree.org or call 216-378-9042.
For information on donating to HFLA, click here to visit our donor platform.
Interest Free Loans for NEO Entrepreneurs
Thanks to a generous grant from the Burton D. Morgan Foundation HFLA is able to expand its business loan program with interest free loans up to $10,000 to new and current entrepreneurs with financial need and lack of access to conventional funds. Some of HFLA’s first loans in 1904 were to immigrants arriving in Ohio and establishing a business to support their families, today is no different than 112 years ago, and we are thrilled to be able to continue our support of local entrepreneurs through interest free lending.
“Burton D. Morgan Foundation values the direct support HFLA provides to aspiring entrepreneurs through interest-free loans, as a first step to helping young businesses become eligible for traditional loans. HFLA is fulfilling a vital role in the Northeast Ohio funding community and the Foundation will be anxious to hear the stories of businesses assisted through our grant funding.”
Interest free loans allow people to help themselves with dignity. For a newly started business or an existing business sometimes just receiving a small interest free loan is often what is needed to get them to the next level.
For more information, and required documents visit our website, www.interestfree.org or call us at 216-378-9042.
PARTY 112
Click here to purchase Party112 tickets!
HFLA is already gearing up for our annual gala, Party 112, and we ask that you save the date: NOVEMBER 12, 2016! It will be another fun-filled evening with a delicious plated meal (kosher upon request), open bar, musical entertainment, and this year we will debut our exclusively "foodie" silent auction--which will feature culinary adventures and experiences at many of Cleveland's hottest restaurants.
Chef Doug Katz of fire food & drink and G. Kim Jenkins of Rising Star Coffee Roasters have even taken to the streets to get the owners of local restaurants, bakeries, delis, and grocery stores to support HFLA through donations for the Foodie Auction. Earlier this month they worked with HFLA to draft a letter asking their colleagues to show support for our organization, which does so much work to better the Northeast Ohio community that we all love. You can view the letter below, as well as our Foodie Auction donation request form and sponsorship form. If you have any questions about donating to Party 112's Foodie Auction, sponsoring a table, or about attending and having a fabulous evening, please contact Katy at katy@hflaclev.org or 216-378-9042.
We look forward to seeing you at Party 112!
Mount Pleasant Strengthening the Neighborhood Loan Pilot Fund
The Saint Luke's Foundation recently awarded a grant to the HFLA of Northeast Ohio to provide interest free loans to the residents on the Mt. Pleasant neighborhood who are in need of home repair or funds to purchase side yards.
Qualifications:
- Income that will allow repayment of the loan
- Co-signer
- Up to $5000
- Quotes from an insured and bonded contractor – recommendations and help with quotes can be gotten from Cleveland Housing Network, tel:, Neighborhood Housing Services, tel:, Heights Repair Resource Center, tel:
Loan checks will be written directly to the service provider.
Perfect repayment of this loan will allow you to come back to us in the future for addition interest free loans.
For additional information and application forms visit our website www.interestfree.org or call 216-378-9042.
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
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.
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