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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