Nonprofit SparkIL provides loans for these businesses, funded by Diaspora Jews who want to help struggling Israeli entrepreneurs.
By Shula Rosen
Israel is engaged in an 11-month-long war on multiple fronts without an end in sight.
This is disappointing news for Israelis, particularly residents in the north who have been evacuated from their homes.
As the war rages on, Israel’s small businesses in the north are struggling to survive until they can reopen at full capacity.
Nonprofit SparkIL provides loans for these businesses, funded by Diaspora Jews who want to help struggling Israeli entrepreneurs.
Spark IL announced that it was increasing its funding by 10 million shekels ($2.7 million) in addition to the 5.5 million shekels it has already loaned to 300 businesses from thousands of small lenders.
SparkIL CEO Na’ama Ore said the constant rocket attacks from Hezbollah against northern areas create uncertainty for northern businesses concerning the prospects of re-opening.
“That is why we have decided to harness the passion and generosity of both Diaspora Jews and Israelis who are eager to help, empowering them to become social investors through our platform,” she said.
The initiative, which began under the auspices of The Jewish Agency for Israel and the Ogen group, awards emergency loans of up to 100,000 NIS to small businesses from contributions from thousands of donors worldwide who can donate a minimum of $25 to the business of their choice.
Donors simply need to choose the business to which they would like to contribute, make the contribution and receive repayment through the platform.
Of the donated funds, 100% goes to the businesses and all loans are interest-free.
“Each loan represents the importance of our mutual guarantee as an Israeli society and as a Jewish people to support each other,” Ore also said. “And especially to support the business owners in the North who are now facing a total collapse of their regional economy.”