SparkIL, a peer-to-peer lending platform that enables individuals across the Jewish world to support the small business of their choice in Israel, has announced the launch of a NIS 10 million ($2.7 million) emergency loan fund that will provide businesses affected by the current war with much-needed assistance.
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For a loan as small as $25, Americans now have a tangible, on-the-ground way to help Israel at its darkest hour.
The loan fund is offering up to NIS 100,000 (about $27,000) in assistance per business at a time when economic conditions are creating an unprecedented strain on their operations. New estimates from the Israeli central bank forecast the war with Hamas to cost Israel roughly $53 billion between now and 2025, while JPMorgan Chase & Co. predicts Israel's gross domestic product will shrink 11% this quarter on an annualized basis.
Small businesses are experiencing a severe personnel shortage given the 360,000 reserves called up by the Israel Defense Forces, while many businesses in industries such as tourism have been closed or have pivoted to tending to the needs of evacuees. With the Israeli government offering an insufficient grant to small businesses affected by the war, the SparkIL Emergency Loan Fund is substantially increasing the assistance that is available to those businesses at this time.
The initiative also fosters meaningful relationships between lenders in the Diaspora and the small business owners whom they are supporting in Israel at a time when it is more critical than ever.
"Around the world at a time like this, it is common for the typical supporter of Israel to ask, 'How can I help?' SparkIL has always offered a unique opportunity in that realm, and today that resonates more powerfully than ever," said Na'ama Ore, CEO of SparkIL. "With small business owners hurting, these loans transform Israelis' hurt and pain into hope. Simultaneously, for as little as $25, we give lenders a purpose and a tangible way to help."
