19 Feb The Jewish Agency offers emergency loans for Jerusalem business owners
In the wake of Operation Protective Edge, The Jewish Agency’s Loan Funds, with generous support of the UJA-Federation of New York, provided emergency loans to support businesses that suffered in the Jerusalem area as a result of the situation. The funds enabled the program to grant 5 million shekels in loans.
The wave of terror that struck Israel did not only take lives and injure people physically and emotionally. With potential customers afraid to stray too far home, many businesses in the greater Jerusalem area paid a heavy financial toll and faced cash flow difficulties.
Eligible businesses were be able to borrow up to 100,000 shekels for working capital, with an interest rate of prime plus 1.5%. The loan funds granted businesses a six-month grace period of interest payments only, and then up to five years to repay the loan.
The Jewish Agency helped around sixty businesses affected by the situation.