For Fundholders looking to maximize their local community impact, JCF offers the opportunity to help lower-income borrowers get back on their feet financially or invest in a brighter future.
We’re delighted to announce that since the launch of the JCF Social Impact Loan Program in November 2018, JCF Fundholders have provided more than $1 million in interest-free loans to HFLS borrowers in need. To date, this capital made possible 113 loans ranging in size from $2,000 to $50,745. The average loan size was $9,117.
For Fundholders looking to maximize their local community impact, JCF offers the opportunity to help lower-income borrowers get back on their feet financially or invest in a brighter future. The JCF Social Impact Loan Program, an innovative partnership with Hebrew Free Loan Society, allows current and prospective JCF Fundholders with accounts of $100,000 or more to recommend that a portion of charitable assets go to interest-free loans to lower-income New Yorkers.
HOW IT WORKS
JCF Fundholders who choose to participate in the Social Impact Loan Program recommend that assets from their fund support HFLS’s interest-free loans for two years. When the two-year term is up, 100% of the loan amount will be returned to the Fundholder’s account to be granted out to charity or reinvested. Fundholders will not be charged administrative fees on funds lent to HFLS during the two years these funds are being used for interest-free loans. While there is no financial return on this investment, the social impact of these loans is considerable.
Access to safe, affordable credit is an important tool for financial stability and opportunity. Interest-free loans are not only a powerful modern expression of an ancient Jewish philanthropic practice, they are also one of the only options for lower-income borrowers seeking to improve their lives by investing in education, affordable housing or entrepreneurship. View profiles of borrowers whose lives have been changed by loans made possible by this partnership.
Here at Jewish Communal Fund, we are continually working to provide our Fundholders with opportunities to increase their impact and their philanthropy. If you are interested in learning more about the JCF Social Impact Loan Program, please reach out to Michelle Lebowits at 212.752.8277.