The Jewish Agency announced Wednesday that it is launching the "COVID-19 Loan Fund for Communities in Crisis," together with its partners Keren Hayesod-United Israel Appeal and Jewish Federations of North America.
The move comes in response to urgent calls from communities and organizations in countries such as Italy, Spain, South Africa, South American communities, and others to provide immediate cash flow. This fund will provide no-interest loans to organizations providing services essential to the continuing existence of Jewish communities which are now at-risk to survive the COVID-19 crisis.
Follow Israel Hayom on Facebook and Twitter
Jewish Agency Chairman Isaac Herzog stated, "We are dealing with an unprecedented crisis that is impacting every aspect of life, including the Jewish world. The Jewish Agency, together with our partners at Keren Hayesod and JFNA, will work to ensure the continued existence of Jewish communities and their vital activities. The Jewish people are responsible for one another, now more than ever. And we welcome the support of all those that believe in Klal Yisrael."
The COVID-19 crisis has impacted communal life throughout the Jewish world, bringing significant economic distress to many communities – including those that were previously financially stable. Many communities are now challenged to finance basic communal services. Educational activities have been discontinued, and essential welfare services are in danger of being closed.
The Jewish Agency COVID-19 Loan Fund for Communities in Crisis will provide immediate working capital loans, with no interest, to communities in-danger outside North America.
In its initial phase, the fund will total $10 million and will provide loans of up to $350,000 to each community or organization, enabling them to continue functioning during this challenging period. The loans will be provided for four years and will be repaid – with no interest – at the end of the first year, in four installments.
The fund will be overseen by representatives from the three partner organizations, chaired by leaders from the Jewish Agency's Board of Governors, Beth Kieffer Leonard and Richard Pearlstone. They will be joined by an advisory committee comprised of financial experts from across Europe and South America, along with professionals from the various communities to help assess needs and design the appropriate response.
World Chairman of Keren Hayesod-UIA Sam Grundwerg noted that "Jewish communities all over the world are currently in a real crisis, physically and emotionally, and in many places, Jewish institutions are being devastated. Jews from all over the world have supported Israel from its establishment, and Israel – which bears a responsibility toward all Jews – is standing alongside these communities during these challenging times."
JFNA President and CEO Eric Fingerhut said, "We are fortunate to have a global platform, built over decades in partnership with Jewish Federations, the Jewish Agency and Keren Hayesod, that can quickly and effectively respond to this pandemic. This new fund will help ensure the continuity of our vital Jewish communal infrastructure and enable us to renew and rebuild when the time comes."
The Jewish Agency said it was "in a unique position to convene this relief effort together with our partners. In light of the great need for assistance, The Jewish Agency also calls on other philanthropic foundations and organizations to join in rescuing Jewish communities on the verge of collapse."
