Jewish Free Loan Association (JFLA) publishes year-end 2020 data on interest-free lending

LOS ANGELES–(BUSINESS WIRE) – The Jewish Free Loan Association (JFLA), a nonprofit that provides interest-free loans to individuals, families and small businesses in the greater Los Angeles area, released data on its loan initiatives as of the close of 2020 – one of the toughest times for small businesses in history in history. Founded in 1904, JFLA provides financial assistance to those in need regardless of race, religion, or sexual orientation.

The coronavirus pandemic has hit Angelenos hard. While a vaccine is in sight, we’re not out of the woods yet. For the first time in its 116-year history, JFLA is lending to the unemployed. Only one sponsor is required for loans up to $ 2,000.

According to the Yelp Local Economic Impact Report, 60% of store closings are now permanent due to the pandemic. That’s the equivalent of 7,500 Los Angeles business owners who have had to close their doors since March.

“At JFLA, we consider ourselves financial first responders,” said Rachel Grose, General Manager, JFLA. “Now the people of Los Angeles need our help more than ever. If you have the resources, please consider working with us to help your Angelenos companions. And if you need our help, you know that you can turn to us. ”

JFLA Loans During COVID-19 Pandemic:

  • Small business:
    • 162 loans granted

    • $ 2.1 million loaned

    • Loans can be used for rent, salaries, marketing expenses, inventory, PPE purchase, renovations to meet COVID-19 guidelines, and other business expenses.

  • Education:
    • 236 loans granted

    • $ 1.8 million loaned

    • Loans can be used for tuition, books, computers, student housing, and other living expenses.

  • Emergency:
    • 387 loans granted

    • $ 922,000 loaned

    • Loans can be used for rent, car repairs, groceries, doctor or dentist costs, prescriptions, child care, or distance learning costs (internet, computer, desk).

Estimated need for community aid in 2021

  • When the rental moratorium expires, there will be a significant need for rental subsidies.

  • Small business lending will continue to be a top priority in 2021 as businesses struggle to reopen and attract customers.

  • The demand for education loans will also remain high as many parents are unemployed due to the pandemic and students have not been able to do their vacation jobs.

About JFLA

The Jewish Free Loan Association provides interest-free, non-sectarian loans to individuals and families who have urgent needs and who may not qualify through normal financial channels. Interest-free loans are not Charity, they close an important void in our social system by promoting self-sufficiency with dignity. JFLA reaffirms the old biblical commandment of interest-free lending by enacting it: We provide interest-free loan assistance to people in need with the aim of helping them lead fuller and more responsible lives.

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