Jewish Free Loan Association Provides Interest-Free Emergency Loans To Individuals And Businesses

LOS ANGELES (KABC) – The Jewish Free Loan Association provides emergency interest-free loans to small businesses and individuals to help them stay operational during tough times.

Freelance photographer Mik Milman’s business came to a halt during the coronavirus pandemic.

“I photograph large groups of people for a living, so it’s quite difficult,” Milman said. “I spent over 10 years building my business. Everything was going great, then COVID came along and just like that I lost pretty much all of my work.”

Lenders review new credit score for loans during pandemic

The Jewish Free Loan Association gave Milman a loan to help him stay afloat. The nonprofit JFLA offers zero-interest loans to small businesses as well as individuals affected by the pandemic.

“The people who come to us are just in dire straits,” said Rachel Grose, director of JFLA. “In general, our emergency loans have always been there to help people overcome one-off difficulties, their car has broken down, they need help fixing it, they have medical bills that they cannot. not pay, but now it’s just made worse. “

One of those loans went to Sean Rose, who had unpaid medical bills in addition to the financial difficulties of his acting studio.

“I had medical bills and this loan was really able to help me so that I could focus on my business and the acting studio when the pandemic started and so a lot of businesses were hit hard and struggled, so it was really helpful that way, ”says Rose.

He says the zero interest loan helps him focus on his business, not how to repay what could include a very high interest payment.

“It relieved the stress because with an interest-free loan, you don’t have to worry about paying the interest and knowing where you’re going to get the funds to pay the interest,” Rose said.

Grose says individuals can receive a loan of up to $ 6,000 with the signing of a guarantor, and you don’t have to be Jewish to apply for a loan.

“We’re really here to work with you and get the money into your hands as quickly as possible,” said Grose.

Financial advice to help you get through a pandemic or other crisis

Copyright © 2021 KABC-TV. All rights reserved.

Previous Freddie Mac is on track for 25% more loans this year, most of them repudiated
Next SBA publishes PPP loan rules under COVID-19 relief bill of December 2020

No Comment

Leave a reply

Your email address will not be published.