Herzog honors JFNA fund that provided $240m. in loans to Israeli businesses

President Isaac Herzog honored the Jewish Federations of North America (JFNA) for a loan fund that provided over $240 million in financing to 4,132 Israeli small businesses since the October 7, 2023 massacre. The loans supported an estimated 28,000 jobs. JFNA established the Israel Small Business Loan Fund after October 7, 2023, as part of its Israel Emergency Campaign, which raised over $900 million. The fund raised $92 million in philanthropic capital, securing additional bank financing. Repayments are recycled into new loans; less than 0.5% of capital was over a year overdue. 48% of loans went to northern Israel, Gaza border communities, and the northern Negev. Borrowers included reservists, displaced businesses, and tourism firms. Three borrowers shared experiences at the event.

President Isaac Herzog hosted an event at his Jerusalem residence on Thursday honoring the Jewish Federations of North America (JFNA) for a loan fund that has provided more than $240 million in financing to 4,132 Israeli small businesses since the October 7, 2023 massacre. The loans supported an estimated 28,000 jobs, according to JFNA. Recipients included business owners serving in IDF reserves, firms displaced from border communities, and tourism and hospitality businesses hit by the war. JFNA established the Israel Small Business Loan Fund in the months following October 7, 2023, as part of its Israel Emergency Campaign, which raised over $900 million. The fund raised approximately $92 million in philanthropic capital, which helped secure additional financing from banks, enabling more than $240 million in lending. Repayments are used to finance further loans; approximately NIS 257 million in repaid funds has been lent again, with less than 0.5% of capital more than a year overdue. Herzog praised the initiative for helping business owners preserve livelihoods and sustain communities. Approximately 48% of loans went to businesses in northern Israel, communities near the Gaza border, and the northern Negev. Three borrowers shared their experiences at the event, including a jewelry business owner, a landscaping company owner, and a language college owner. The initiative operates through five lending platforms serving different groups, including businesses near borders, reservist-owned enterprises, and Arab and Ethiopian-Israeli entrepreneurs.