Jewish organization offers COVID-19 loans
As businesses close and people are laid off in response to the spread of the coronavirus, Jewish organizations are mobilizing to help support vulnerable people in the community. One of those organizations is Jewish Free Loans Toronto (JFLT), which recently made a loan available for people struggling with the economic impact of COVID-19.
JFLT made sure that the application for its new COVID-19 loan would go smoothly, said Marra Messinger, executive director of JFLT. This means easy to meet conditions and a quick turnaround time. The organization offers up to $ 2,500 in unsecured loans, compared to its usual $ 1,000 unsecured rate. It also offers $ 5,000 for one guarantor and $ 8,000 for two.
Messinger added that JFLT is streamlining the application process for these special COVID-19 loans. Instead of forcing people to come to the office for interviews before being accepted for loans and collecting their checks, he now conducts his interviews over the phone and deposits the loans directly into people’s bank accounts. In addition, he also speeded up his interview process. Before the coronavirus, JFLT used to conduct interviews every two weeks, but now it’s calling people as soon as it can reasonably be expected, Messinger said.
All JFLT loans are interest free, consistent with the biblical prohibition on charging interest and Maimonides’ belief that the highest level of charity is a loan or other source of support that puts a person on the path to l self-sufficiency. The organization was founded in 1924 to help support small Jewish businesses in Toronto. They were needed by the Jewish community at the time, as established businesses typically don’t hire workers who can’t work on Saturdays.
“We know there will be financial hardships and crises for a lot of people. And we have the means and the capacity to help people. It’s our purpose, to help people in need help themselves, ”she said. “We just want everyone in the community to know that we are there to help. “
So far, Messinger said around 15 people have applied for the COVID-19 loan in the past few days, which is higher than the usual application rate. Messinger invites those in need to apply for the loans, and those who can afford it to donate, as all of JFLT’s capital comes from donations and grants.
To apply or make a donation, go to https://jewishfreeloan.ca/corona-virus-loan/