Deep in the heart of Jerusalem, there's a place where loans flow freely, like the Jordan River in spring – it's none other than the Israel Free Loan Association (IFLA). These folks are all about helping individuals, families, businesses, and non-profits in need, and they're not just in it for the shekels.
Now, don't let the name fool you; they're not handing out cash for a Tel Aviv beach vacation. But they are dishing out interest-free loans like nobody's business. In fact, they're so good at it that they're dishing out more than 350 loans every single month. Talk about spreading the love!
What's even cooler is that they're fully legit, registered and approved by the Israel Ministry of Justice and Ministry of Finance. No shady business here, folks.
But wait, there's more! Behind the scenes, there's a small but mighty paid staff running the show. Many of them are immigrants themselves, so they know the drill. And guess what? They've got an army of experienced volunteers backing them up, making sure the loan train keeps chugging along.
Now, IFLA isn't just your run-of-the-mill non-profit. They're so awesome that back in 1995, the Mayor of Jerusalem himself gave them a big thumbs up with the "Citation for Outstanding Non-Profit Voluntary Organization." Imagine the Mayor giving you a high-five for your good deeds!
But the accolades don't stop there. IFLA has also bagged the "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." They've got a trophy case that would make any loan association jealous.
Now, let's get down to business – loans. IFLA is all about helping out low and middle-income folks. To qualify, you've got to show you're pulling in at least NIS 3,000 a month, but not more than NIS 13,000. Oh, and you'll need some guarantors who are making at least NIS 3,000 a month for a whole year. No freeloading here!
And they're not just about personal loans; they've got a soft spot for small businesses too. If you've got a business that's been active for at least 6 months or you're looking to start a new one, IFLA's got your back. They want to see you rock that entrepreneurial spirit and make some waves in the Israeli economy.
But don't think they're handing out bags of gold here. The loan amount maxes out at NIS 90,000. They'll give you a hand, but you've got to bring something to the table too!
Now, for the fine print. A small business in IFLA's eyes is one that's got a monthly turnover below NIS 150,000. You'll need to jump through a few hoops, like having a VAT file and a bank account that's not on the naughty list.
And don't even think about using this loan to pay off debts or buy real estate. They've got other funds for that. This one's all about boosting your business.
As for age, if you're single, you've got to be at least 24. If you're hitched, you can start at 22. IFLA is all about fairness!
Now, the loans are pretty flexible when it comes to repayment. You've got a cozy window of 30-45 months, depending on the loan size. And hey, if you want to pay back early, go ahead! No fines for being an overachiever.
Of course, they need some security, but it's nothing too crazy. Loans under NIS 60,000 require 3 guarantors, while loans between NIS 60,001 and NIS 90,000 need 4. These guarantors need to be between 24 and 65, with a stable job and a sweet net income of at least NIS 3,000 a month. Oh, and if you're getting a pension from the National Insurance Institute, sorry, you can't be a guarantor.
Repayments are a piece of cake – they'll set up a bank order, and you'll be on your way to loan repayment glory. It all starts one month after you get the loan. Easy peasy!
Now, let's talk about the price of admission. There's a service charge, but it's a one-time deal. For loans up to NIS 45,000, it's NIS 250. For loans between NIS 45,001 and NIS 60,000, it's NIS 350, and for loans between NIS 65,001 and NIS 90,000, it's NIS 450. Pay up when you're collecting your loan, and you're good to go.
But wait, there's more! IFLA isn't just about personal loans and small businesses. They've also got a little something for small businesses feeling the economic pinch or in need of some working capital. It's like their way of saying, "Hey, we've got your back!"
So, if you're running a small business in Israel and you're looking for a financial lifeline, IFLA might just be your knight in shining armor.
Now, for all the nitty-gritty details, you can hit them up at their office on 29 Rivka Street in Jerusalem. Call them at +972-2-530-0777, fax them at +972-2-566-9504, or shoot them an email at ifla@freeloan.org.il. And don't forget to check out their website at http://www.freeloan.org.il.
So there you have it, folks – the Israel Free Loan Association, where loans come with a side of heart and soul. It's like money, but with a little extra love sprinkled on top!
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