Hebrew Free Loan Association of Northeast Ohio: A Beacon of Hope for Local Residents

The Hebrew Free Loan Association of Northeast Ohio is a beacon of hope for local residents in need of financial assistance. Founded in 1906, this non-profit organization has been providing interest-free loans to individuals and families for over 115 years.

The association's mission is to help people achieve financial stability and self-sufficiency, and they do this by offering loans for a wide range of purposes, including education, healthcare, and emergency expenses.

The Hebrew Free Loan Association of Northeast Ohio is a remarkable organization with a rich history. It was founded in 1904 with a modest capital of $501 donated by Morris A. Black, Charles Ettinger, and Herman Stern.

The organization's first year was a huge success, with all loans ranging from $10 to $37 being repaid in full. This sets a great precedent for the organization's commitment to responsible lending.

One of the unique aspects of the Hebrew Free Loan Association is its interest-free loan policy, rooted in Jewish biblical tradition. This tradition emphasizes the importance of giving people the ability to help themselves, rather than just providing a gift of money.

In 1909, the organization made 700 loans, catering to a variety of needs, including peddling, renting horses and wagons, and starting businesses. This shows the organization's flexibility and willingness to meet the diverse needs of its borrowers.

The organization's commitment to its values is evident in its decision to become an independent member of the International Association of Hebrew Free Loans in 1982.

The Hebrew Free Loan Association of Northeast Ohio is a remarkable organization with a rich history and a clear mission. Founded in 1904, they have made thousands of loans in the region, demonstrating their commitment to helping those in need.

HFLA is the only interest-free lender supporting all Northeast Ohioans with a need and an ability to repay. This means they provide a vital service to those who might not have access to other forms of capital.

Their goal is to increase their loan fund capacity so they can reach more people who would benefit from this resource. By doing so, they aim to create a future where everyone has access to the capital they need to succeed.

HFLA has a remarkable 97% repayment rate, which is a testament to the organization's effective lending practices and the borrowers' commitment to repaying their loans. This means the money invested in HFLA is recycled for generations.

HFLA lends when there are no other providers of capital, often making the difference between success and failure for their clients. This is especially important for business owners who struggle to access other forms of capital.

They help people overcome financial hurdles, pursue education, and contribute to the economic development of their community. Whether it's attending college, developing new skills, or purchasing a car, HFLA is there to support their clients in achieving their goals.

HFLA offers interest-free loans of up to $10,000 to individuals who qualify. Borrowers and co-signers must live in Northeast Ohio, which is a requirement for the loan program.

To qualify for a loan, you'll need to demonstrate an ability to pay the loan back and lack access to traditional financial products. This is a key aspect of HFLA's mission to help those in need.

One co-signer is required for every $4,000 that is borrowed, which provides an added layer of security for lenders. This co-signer must also live in Northeast Ohio.

HFLA lends money for a variety of purposes, including medical and dental bills, home repairs, and escaping predatory lending. These are just a few examples of the many ways HFLA can help.

Here are some of the specific purposes that HFLA lends money for: