At a time when younger generations of Diaspora Jews are losing their sense of connection to Israel, an Israeli peer-to-peer lending platform hopes to boost engagement with Israel, its businesses, and its people.
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A new initiative from SparkIL, launched last week, seeks to help forge ties between Israel and the Diaspora by allowing individuals to support small businesses of their choice in Israel.
SparkIL was established in conjunction with The Jewish Agency for Israel and The Ogen Group with the goal of allowing users to help crowdfund interest-free loans that aim to make a real difference to Israel's underserved populations.
Lenders begin by exploring various business opportunities that align with their areas of interest and values, with funding opportunities categorized under People (Ethiopian Israelis; Haredim; Israeli Arabs; LGBTQ individuals; new immigrants; people with disabilities); Place (Negev/south, the Galilee, Golan Heights; the Jerusalem area, etc.), and Purpose, a category devoted to high-priority socioeconomic causes such as coexistence, arts and culture, education, employment, environment, health, and youth at risk.
After loans are repaid, peer lenders can see "ripple effects" by opting to reinvest in other businesses or withdraw their funds. Loans are released when a borrower's goal is met.
CEO of SparkIL Na'ama Ore says, "SparkIL presents a unique opportunity to engage world Jewry with the ability to make a direct impact on Israeli society at the ground level.
"At a time when we are seeing increased disengagement with Israel, this digital platform could serve as a much-needed bridge connecting lenders with the entrepreneurs and businesses who need their help the most," Ore adds.
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