The Israel Free Loan Association
The Israel Free Loan Association is an Israeli non-profit organization located in Jerusalem dedicated to providing interest-free loans to individuals, families, businesses and non-profit organizations in need. The association grants more than 350 loans every month.
The IFLA is registered and approved by the Israel Ministry of Justice and Ministry of Finance.
The association is managed by a small paid staff (many of whom are immigrants themselves), supported by many experienced and dedicated volunteers.
Because of our contribution to the welfare of the citizens of Israel, the IFLA was chosen as recipient of the Mayor of Jerusalem's Citation for Outstanding Non-Profit Voluntary Organization for 1995.
The IFLA has also received the prestigious "Presidential Citation for Volunteer Activity", the "Ministry of Immigrant Absorption Award for Aid to New Immigrants" and the "Sderot Conference Award for Contribution to Israeli Society".
Loans
Loans are currently provided to low and middle income persons who can show proof of a minimum monthly income of NIS 3,000 and not in excess of NIS 13,000 net monthly family income. Guarantors with a net monthly income of at least NIS 3,000 for at least 12 months are required. A mutually acceptable monthly repayment schedule is worked out in advance with each borrower.
Small Business Loan*
Loan range: Between NIS 45,000 and NIS 67,000
Interest: None
Period: 30 months
Equity capital: 25% of the loan
Securities: 3-4 guarantors
The loan is given through Bank Hapoalim
*Subject to possible changes, as well as all the figures, terms and conditions quoted on this page.
The following is needed to submit an application:
Copy of the borrower’s and spouse’s ID card.
Proof of employment/income - salary slip or other document. For self-employed, a CPA letter attesting to net income for the past twelve months.
Bank account information - name of bank, branch, account number.
Guarantors – fill out information requested on our application form.
Contact
The Israel Free Loan Association
29, Rivka St.
Jerusalem 93461
Tel: +972-2-530-0777
Fax: +972-2-566-9504
e-mail: ifla@freeloan.org.il
website: http://www.freeloan.org.il